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Poosarla Sai Karthik

Tech guy with a busi... • 22d

So here’s what went wrong with Gensol & BluSmart. The founders, Anmol and Puneet Singh Jaggi, raised a fat ₹978 crore in loans from IREDA and PFC. The money was supposed to be used to build an EV fleet for BluSmart. But guess what? Only 4,704 EVs were actually bought out of the promised 6,400. That’s a shortfall of 1,696 vehicles and a fund gap of about ₹262 crore. Where did the money go? SEBI says it was diverted. Some of it into luxury purchases, some into unrelated ventures. And it gets worse. BluSmart also defaulted on ₹30 crore worth of bond payments and is now reportedly shutting down operations in Delhi, Mumbai, and Bengaluru. They’re even considering switching to a fleet partner model with Uber. Meanwhile, Gensol’s stock has crashed nearly 90% from its peak. SEBI has stepped in and barred both founders from holding key roles in any listed company. Honestly, this isn't just about one company mismanaging funds. It’s a red flag.

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Rohan Saha

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