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Keen Learner & Explo...Ā ā¢Ā 1d
India's Latest Start Up Scandal Gensol borrowed almost ā¹978 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 does not even formally report any equity interest in BluSmart on its balance sheets. the only thing is they have a common founder Anmol Singh Jaggi. Huge amounts were also allegedly used for personal use such as a ā¹50 crore luxury apartment and high-end golf equipment. The scandal involves co-founders Puneet Singh Jaggi and Anmol Singh Jaggi, who lead both Gensol and BluSmart. The Effect? BluSmart suspended operations, both for drivers and customers. Shares of Gensol plummeted by 85% in 2025. Credit ratings for Gensol were lowered. SEBI has banned them from becoming leaders and investing in the stock market. Current Status BluSmart is said to be in search of a tie-up with Uber to reorient its business model and remain afloat.
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