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Sanskar Chourasia
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India's Latest Start Up Scandal Gensol borrowed almost โน978 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 โน50 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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