Investors in BluSmart are engaged in discussions to buy out promoter Anmol Singh Jaggi in an effort to revive the ride-hailing company, Mint reported.
Due diligence and valuation studies are nearly complete, and some legal issues concerning the transfer of shares from the Jaggis are being resolved, people aware of the development told Mint. Investors led by BP Ventures are in advanced talks to take over the company, the sources said. These investors also own stakes in BluSmart and Gensol Engineering Ltd, Jaggi’s other company.
According to Tracxn, as of February 2025 promoters held approximately 23.98% of BluSmart, with the remaining shares owned by investors including SoftBank, Mayfield India Fund, 100 Unicorns and responsAbility, as well as celebrities such as actor Deepika Padukone and cricketer M S Dhoni.
If the transaction is completed, it will secure investors’ funds, maintain drivers’ employment and return BluSmart’s blue-and-white electric cabs to the streets. It would also mark the complete exit of the Jaggis from the company they founded six years ago.
Investors plan to purchase Jaggi’s shares at par, request private lenders to write off a portion of the loans and inject additional funds to resume operations, according to sources. BluSmart owes a significant portion of its ₹850 crore financing to Gensol.
The Background
The Securities and Exchange Board of India (SEBI) barred Gensol Engineering Ltd and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from trading in the securities markets. This order followed a complaint filed in June 2024 alleging share-price manipulation and fund diversion by Gensol Engineering Ltd (GEL). SEBI also suspended the company’s planned stock split due to these allegations.
The SEBI order marks the latest setback for Gensol, following credit downgrades by rating agencies, a liquidity crisis and a cancelled deal for transferring EV assets.
“Funds availed by Gensol as loans for procuring EVs were, through layered transactions, partly utilised for buying a high-end apartment in The Camellias, DLF Gurgaon, in the name of a firm where the MD of Gensol (Anmol Singh Jaggi) and his brother are designated partners,” the SEBI order stated.
SEBI noted that in September 2022 the solar-consultancy firm secured a loan of ₹71 crore from the Indian Renewable Energy Development Agency (IREDA), which was deposited into its GEL trust-and-retention account with IREDA. The loan was intended for procuring electric vehicles. An additional ₹26 crore was transferred from an internal account, bringing the total to ₹97 crore.
