Ashneer Grover, co-founder of BharatPe and former Shark Tank India judge, has spoken out about the Gensol-BluSmart financial controversy. He stated publicly that he is not involved in the wrongdoing but is a victim of the current situation. He also criticized the media for unfairly dragging his name and his company into the matter, calling it “shameful and cheap journalism.”
Ashneer Grover Investment in BluSmart
In a recent post on X (formerly Twitter), Ashneer Grover revealed that he had personally invested Rs 1.5 crore in BluSmart and another Rs 25 lakh in Matrix. He expressed hope that BluSmart would be able to survive the current crisis for the benefit of its stakeholders. Grover said he had nothing to do with the controversy and that he is merely one of the investors in the company.
Gensol and Third Unicorn Connection
The controversy gained attention after SEBI issued an interim order on April 15, 2025, revealing that Anmol Singh Jaggi, the promoter of Gensol Engineering, had invested Rs 50 lakh in Grover’s new startup, Third Unicorn Pvt Ltd, by purchasing 2,000 shares. Grover clarified that private companies are not responsible for checking the background or source of funds of their shareholders. He added that as of March 31, 2024, Jaggi continued to hold his stake in the company.
Fund Diversion by Anmol Singh Jaggi
According to SEBI, Anmol Singh Jaggi misused funds from Gensol Engineering for personal benefits. The interim order claims that he used company money to buy a luxury apartment worth Rs 43 crore in DLF’s super-luxury project, The Camellias in Gurugram. He also spent Rs 26 lakh on a golf set, Rs 9.95 lakh to pay off credit card bills, and over Rs 2.58 crore for personal use.
BluSmart Shutting Down in Major Cities
Following the SEBI order, BluSmart, an electric vehicle ride-hailing company, suddenly stopped new bookings in many parts of India. Users in cities like Delhi-NCR, Mumbai, and Bengaluru were unable to choose time slots or dates on the app, showing signs of suspended services. BluSmart has not yet issued an official explanation.
Ashneer Grover continues to maintain his innocence, asserting that he is simply a private investor in BluSmart who is now suffering due to the actions of others. He remains hopeful that the company will recover and continue operations for the benefit of all stakeholders involved.
