Ashneer Grover isn’t holding back. As the Gensol-BluSmart money mess unfolds, the outspoken co-founder of BharatPe and ex-Shark Tank judge has made it crystal clear—he’s not tangled in the controversy, he’s caught in the crossfire.
Taking to X (formerly Twitter), Grover called out reports dragging his name into the SEBI investigation involving Gensol Engineering and BluSmart. “This is cheap journalism,” he wrote, venting his frustration. “I’ve lost money in this saga—I didn’t gain a thing.”
Grover shared that he invested Rs 1.5 crore in BluSmart and another Rs 25 lakh in Matrix Partners, hoping to back what he believed were promising ventures. Now, he’s watching from the sidelines as the companies face public and regulatory scrutiny. “I truly hope they make it through this—for the sake of everyone involved,” he added.
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The Plot Twist: SEBI’s April 15 Order
The drama began with a SEBI interim order that dropped earlier this week. It revealed that Anmol Singh Jaggi, promoter of Gensol Engineering and the man under the scanner for allegedly siphoning off funds, had poured Rs 50 lakh into Grover’s new venture, Third Unicorn Pvt Ltd. That investment got him 2,000 shares—and a whole lot of unintended headlines.
Grover isn’t amused. He pointed out that private companies aren’t obligated to investigate or verify where every rupee from shareholders comes from. “Third Unicorn is not answerable for how Jaggi made his money,” he said. “The law doesn’t require that.”
According to filings, Jaggi still holds his shares in Third Unicorn as of March 31, 2024.
BluSmart on Pause
Meanwhile, BluSmart, the EV ride-hailing startup that once billed itself as a greener alternative to Ola and Uber, suddenly shut down new bookings in key metros including Delhi-NCR, Mumbai, and Bengaluru—just hours after the SEBI order surfaced.
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The silence from the company has only fueled speculation. Industry insiders say the financial and reputational blowback could be tough to recover from, especially with investor confidence shaken and customers left in the dark.
Grover, though, is clear on one thing—he’s not behind the wheel of this crash. “I’m the one who’s out of pocket here,” he said. “Let’s not twist the facts.”
