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Poosarla Sai Karthik

Tech guy with a busi... • 2d

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.

0 replies11 likes

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Gautam Ambani
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Adani Group • 2d

BluSmart's 250+ Cr SCAM. BluSmart, founded by Anmol & Puneet Jaggi exposed by SEBI. SEBI exposed SCAM in the listed company GENSOL, which was founded by the founders of BluSmart. It's like GENSOL = BluSmart. GENSOL owned the half of BluSmart's flee

1 replies5 likes

Sanskar

Keen Learner & Explo... • 1d

India's Latest Start Up Scandal Gensol borrowed almost ₹978 crore to rent electric vehicles (EVs) to BluSmart. And the interesting fact here is that Gensol has no direct equity or ownership interest in BluSmart as a distinct legal entity. Gensol do

0 replies8 likes

Rohan Saha

complicated Investor • 1m

Ok, Physics Wallah has filed its DRHP (Draft Red Herring Prospectus) with SEBI (Securities and Exchange Board of India) for ₹4600 crore, which will include some fresh issues and some offers for sale.

1 replies15 likes

Jayant Mundhra
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Dexter Capital Advisors • 2m

Blusmart founder’s listed entity, Gensol, has claimed that it has received 30k pre-bookings for its three-wheel car, which was recently displayed at Bharat Auto Expo 🙏🙏 While that’s making much noise, I am not as enthused about it for two reasons

1 replies16 likes

Kishan Kabra

Founder & CEO • 10m

What's the reason behind of OYO valuation crash? They were struggling to get approval from SEBI for IPO back in 2021, Finally got a approval but they withdrew their application and looking to raise from private investors at $2.3 Billion which was $9

17 replies23 likes

vishakha Jangir
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Set2Score • 1m

A new, sustainable rideshare platform that is leaving behind Ola and Uber. 𝗶𝘁𝘀 𝗕𝗹𝘂𝗲𝘀𝗺𝗮𝗿𝘁 !! Today, while traveling with BluSmart during my marathon, I had a conversation with the driver, and he literally helped me with my content by sha

3 replies22 likes

SKT Cabs

Don't pack until you... • 1d

Hello Medial Family and VCs, Following the fall of BluSmart and as part of our revised strategy, we’ve decided to enter the Delhi-Noida market with a hybrid fleet model — combining both EVs and CNG cabs. If anyone from this field, or any VC interes

1 replies6 likes

Jayant Mundhra
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Dexter Capital Advisors • 19d

I wish media had reported why Blusmart/Gensol’s recent deal with Refex was called off 3 days ago 🙏🙏 Almost a lakh Gensol public shareholders and the many bondholders of Blusmart deserve answers. While the company has not shared the reason for canc

0 replies11 likes

Mahendra Lochhab

Content creator • 2m

Drishti IAS has made a profit of ₹90 crore along with a revenue of ₹405 crore in FY24.

1 replies10 likes

Armaan Nath

Startups | Product • 11m

BluSmart - Revolutionizing Sustainable Mobility in India⚡ BluSmart is an Indian startup that aims to revolutionize the urban mobility sector by providing eco-friendly transportation solutions. Founded in 2019 by Anmol Jaggi, Punit K Goyal, and Punee

1 replies16 likes