 "Not just Ashneer Grover: BluSmart had Dhoni, Deepika Padukone as investors")
Electric ride-hailing startup BluSmart, now facing allegations of financial misconduct, had once attracted high-profile investors with its all-electric fleet and eco-friendly business model. A recent investigation by the Securities and Exchange Board of India (Sebi) into the misappropriation of funds has raised concerns about its operational future. The market regulator found that co-founder Anmol Singh Jaggi misused funds through an affiliate company and purchased a luxury apartment using money allocated for electric vehicles.
BluSmart’s early backers: Padukone, Dhoni, Bajaj, Grover
BluSmart drew investments from several prominent individuals who acquired stakes in the company. Notable investors include MS Dhoni, Deepika Padukone, Sanjeev Bajaj, and Ashneer Grover.
Deepika Padukone’s family office participated in a $3 million angel funding round for BluSmart in 2019. Bajaj Capital Managing Director Sanjiv Bajaj also invested in the same round, alongside JITO Angel Network and Rajat Gupta.
In 2024, BluSmart raised $24 million in pre-Series B funding, with participation from MS Dhoni’s family office, ReNew Power CEO Sumant Sinha, and Swiss asset management firm responsAbility Investments.
BharatPe founder Ashneer Grover claimed on social media platform X that he had invested ₹1.5 crore in BluSmart and ₹25 lakh in Matrix.
“I am the ‘victim’ of the current scenario, having personally invested ₹1.5 crore in BluSmart and ₹0.25 crore in Matrix. I hope the business can survive the current fiasco for the sake of its stakeholders,” Grover wrote. ALSO READ | DLF Camellias flat for ₹43 cr, ₹6.2 cr to mother: Where Gensol funds went
BluSmart suspends bookings in NCR, Mumbai, Bengaluru
The electric cab company has suspended services in Delhi NCR, Mumbai, and Bengaluru. Customers trying to book EV rides found the service unavailable at Delhi airport and in various parts of Delhi and Gurugram.
“Please note, BluSmart has temporarily suspended its operations at Delhi Airport. However, there are adequate cab and taxi services available,” the Delhi International Airport said in a passenger advisory.
Sebi probe reveals misuse of over ₹200 crore
The suspension followed Sebi’s findings that Gensol Engineering, a company closely linked to BluSmart, allegedly misappropriated more than ₹200 crore that had been designated for EV acquisition. Gensol provided EVs to BluSmart through leasing arrangements.
According to Sebi, BluSmart co-founder Anmol Singh Jaggi diverted ₹25.76 crore from Gensol to personal accounts and related entities, including a payment to Third Unicorn, a startup co-founded by Ashneer Grover.
In light of the findings, Sebi has barred Gensol and its affiliated entities from participating in the securities market and has temporarily disqualified the promoters from holding directorial or key managerial positions.