This company was once famous for its all-electric fleet and green business model. Due to which big giants invested money in it. From former Indian cricket team captain Mahendra Singh Dhoni (MS Dhoni) to Bollywood actress Deepika Padukone, Sanjeev Bajaj of Bajaj Capital and former Shark Tank India judge Ashneer Grover also have money in it.After the co-founder of electric ride-hailing startup BluSmart was accused of money laundering, this company is now on the verge of closure and is under investigation by SEBI. It has temporarily shut down its cab service in Delhi-NCR, Mumbai and other places, and the company is facing a financial crisis.This company was once famous for its all-electric fleet and green business model. Due to which big giants invested money in it. From former Indian cricket team captain Mahendra Singh Dhoni (MS Dhoni) to Bollywood actress Deepika Padukone, Sanjeev Bajaj of Bajaj Capital and former Shark Tank India judge Ashneer Grover, money is also there.In fact, the co-founder of this company, Anmol Singh Jaggi, and his brother Punit Singh Jaggi, who are the promoters of Gensol Engineering Company, misused the loan money taken in the name of Gensol Company and spent more than Rs 262 crore on luxury items like flats, golf kits, and travel. The account was not found by SEBI in its investigation. In such a situation, SEBI stopped its promoters from managing any company and also banned their entry into the market.Due to which now the operations of BluSmart have also come under threat, and concern has arisen among its investors. BluSmart had attracted a large number of initial investors. In 2019, Deepika Padukone’s family office participated in a $3 million angel funding round along with Bajaj, JITO Angel Network and Rajat Gupta.According to a report by NDTV Profit, Dhoni and Deepika’s family offices have played a key role in driving BlueSmart’s financial growth, including a major investment round in July 2024. According to data from Private Circle, the Jaggi brothers own about 33% of BlueSmart. BP Ventures, the investor in the Series A round, holds a 14.3% stake. BlueSmart had described the $25 million Series A round as the largest investment in the mobility sector globally.The company raised $24 million in a pre-Series B round in 2024, including investments from Dhoni’s family office, Renew Power CEO Sumant Sinha and Swiss asset manager ResponsAbility Investments. This round raised Rs 200 crore, with participation from Swiss impact investor ResponsIbility and ReNew chairman Sumant Sinha. This investment shows that high-profile investors have faith in BlueSmart’s future.BlueSmart is not a formal subsidiary of Gensol, but its financial ties are very deep. Transactions worth more than Rs 148 crore took place between Gensol and BlueSmart’s subsidiaries, which reveals a strong relationship between the two, which has now come under intense scrutiny.Talking on this topic Rohit Mehra , an EV industry analyst and mobility consultant said”BluSmart’s story shows both the potential and challenges of the electric vehicle sector in India. While the idea is commendable, the reality is that our EV infrastructure is still in a developing stage. Issues such as lack of charging stations, high battery costs and range anxiety make it difficult to operate at a large scale. What makes green startups successful is not just innovation, but strong government policies, better infrastructure and long-term investor patience.”
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