In the face of far more competent ride-hailing rivals and with a limited fleet of luxury cars, the startup is unlikely to make a dent in the UAE market.
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A trading platform was fined by the regulator for breaches and misconduct, and a popular token plummeted by 90%
A letter from one of BluSmart’s largest investors reveals how the ride-hailing startup’s promoters withheld critical information from the shareholders and the board while providing consistently inaccurate financial forecasts.
With his back to the wall, the founder is exploring options that could benefit him much more than others. Even at the expense of the customers, investors, vendors and employees.