From green promise to crisis: BluSmart faces SEBI heat; Deepika Padukone, Dhoni, Ashneer Grover among high-profile investors

The startup of the Blausmart electricity, which is celebrated once it is celebrated to its electricity and the model of green business, is now undergoing organizational audit after the allegations of financial misconduct. The investigation conducted by the Securities and Stock Exchange Council in India (Sebi) revealed that the co -founder Anmol Singh Jaggi has been mixed with money through a subsidiary and used funds for electric vehicle purchases to buy a luxury apartment.

The revelation has cast uncertainty about the future of operating operation of startups and raised concerns among their prominent investors.

Blusmart attracted a stars inlaid from the first supporters. The actor Bollywood Deepika Padukone, the player of the Mrs. Deni, the Bajaj Capital Sanjif Bajaj, and the founder of Bharatpe Ashneer Grover are among the main investors. In 2019, Padukone’s family office participated in the owners ’financing round worth $ 3 million alongside Bajaj, Jito Angel Network and Rajat Gupta.

Based on data from Privatecircle, the Jaggi brothers combined with approximately 33 % of Blusmart. BP Ventures, an investor in the series A series A, holds a 14.3 % stake. Blusmart has described the Series A Series A at a value of $ 25 million as the largest of its kind in the world’s mobility sector.

Dhoni and Deepika family offices had a fundamental role in leading Blusmart’s financial growth, including a large investment tour in July 2024, according to a report issued by Ndtv Profit.

The company continued to collect $ 24 million in the pre -chain tour B in 2024, when it benefited from investing from the DHONI family office, RENEFer Power CEO SUMANT SINHA, and the director of Swiss Assets.

This tour, which collected 200 rupees, also witnessed the participation of the Swiss investment of the investor and the renewal of the Chairman of the Board of Directors Suman Senha. These investments emphasize the confidence of prominent investors in the Blusmart path despite the recent challenges facing Gensol, a closely related entity.

This financial support follows an initial financing round for owners in 2019, where Blusmart collected $ 3 million, with contributions from the Padukone family office, Ka Enterprises, as well as Bajaj Finserv’s Sanjiv Bajaj. The company highlighted its “busy record of the company and meadows” and promised “20 % Irr Post Trax” for its investors. Such claims are part of the broader Blausmart strategy to expand its fleet and infrastructure for electric cars across the major Indian cities.

Ashneer Grover, whose reaction to the crisis, posted on X that he had personally invested 1.5 rupees in Blusmart and 25 Rs. “I” is a victim of the current scenario … I hope that work can survive the current failure for the stakeholders. ”

The company is now facing great challenges due to the financial difficulties faced by Gensol Engineering, which has been recently reduced to the failure to pay off, which led to a decrease of 80 % in the market value within one month.

Gensol crisis

Financial disorders in Gensol had a rippal effect, which led to an increase in audit by the Securities and Stock Exchange Council (Sebi). As of December 31, public shareholders kept 37.4 % in Gensol Engineering, a company that has achieved a powerful return of 68 % after the main board list, despite the lukewarm Q3 results.

However, the tide in the past month when the debt classification turned back to the payment of a huge sale, as it eliminated nearly 80 % of the market value in just 30 days.

The situation increased after Sebi has issued a temporary order against Gensol promoters, the adoption of retailers and a shadow of its close association with Blusmart starting EV. The organizational procedure has already affected the Blausmart operations, where service disturbances were reported in the main cities.

Although Blusmart is not an official subsidiary of Gensol, the financial relations are depth. The transactions between Ginsol and Blusmart Branches exceeded 148 rupees, and revealed a tightly coherent relationship that is now subject to severe scrutiny.

Cab Electric temporarily suspended operations in Delhi NCR, Mumbai and Bengaluru. Customers who are trying to request horseback in electric cars have not been able to do this at Delhi Airport as well as in multiple areas of Delhi and Georgram.