Former BharatPe co-founder and Shark Tank India judge Ashneer Grover once expressed his desire to disrupt the ride-hailing market dominated by Ola and Uber, in collaboration with BluSmart co-founder Anmol Jaggi. A handwritten note from Grover, dating back two years, revealed his ambitious vision for the partnership.
The Note That Sparked Conversations
In 2023, Grover released his memoir, Doglapan, and sent Jaggi a signed copy with a personal message: “Tere saath Ola + Uber ko beat karna hai. Think and do big.” The note highlighted Grover’s intention to challenge the ride-hailing giants with BluSmart, an electric vehicle-based cab service. Jaggi later shared the note on LinkedIn, expressing gratitude and pride in being part of Grover’s network.
Financial Controversies Surrounding BluSmart
While the note symbolized ambition, recent developments have cast a shadow over BluSmart and its parent company, Gensol Engineering, co-founded by Anmol Jaggi. The Securities and Exchange Board of India (SEBI) has accused Jaggi and his brother Puneet Singh Jaggi of financial misconduct, including siphoning funds meant for EV purchases into personal expenses. SEBI has barred the Jaggi brothers from accessing the securities market and holding key management positions.
Grover’s Response
Grover, who invested ₹1.5 crore in BluSmart, has distanced himself from the controversy, stating, “I am the victim of the current scenario. I hope the business can survive the fiasco for the sake of its stakeholders.” He emphasized that his startup, Third Unicorn, is not liable for the conduct of its shareholders.
The Future of BluSmart
Despite the challenges, BluSmart remains a promising player in the EV mobility space, aiming to revolutionize urban transportation with sustainable solutions. Whether Grover’s vision to challenge Ola and Uber materializes remains uncertain amid ongoing investigations.
