India's BluSmart, rival of Uber, suspends operations after co-founder probed
India's BluSmart, rival of Uber, suspends operations after co-founder probed
NEW DELHI, April 17 (Reuters) - Indian electric cab service BluSmart, seen as a rival to Uber, suspended services on Thursday, two days after the country's market regulator alleged its co-founder misused funds at an affiliate company and bought a luxury apartment with money allocated for electric vehicles.
BluSmart rode India's clean energy boom but its sudden suspension puts the livelihood of thousands of drivers at risk. With more than 8,000 taxis, it set up charging hubs in cities like New Delhi, Mumbai and Bengaluru to take on Uber and Ola, both ride-hailing services that largely use gasoline-powered fleets.
