Blusmart Investors Plan to Buy Out Founder Anmol Singh Jaggi and Cut Ties with Gensol

Blusmart, the electric cab-hailing service, may soon see a major change in ownership. Investors, led by BP Ventures, are in talks to buy out founder Anmol Singh Jaggi to revive the company, which stopped operations in mid-April 2025.

Why This Buyout Matters

The buyout could help protect investors’ money, keep drivers employed, and bring Blusmart’s blue-and-white cabs back on the road. It would also mark a complete exit of Jaggi, who co-founded the company six years ago. Legal issues related to transferring his shares are still being worked out, but due diligence and valuation are almost complete.

Jaggi Under SEBI Investigation

This move follows an interim order by SEBI on April 16, which barred the Jaggi brothers from holding any directorships in listed companies. SEBI accused them of fund misuse, including using loans meant for Blusmart to buy cars for personal use. His demat account is now frozen, limiting what he can do with his shares.

Who Owns Blusmart Now?

As of February 2025, promoters held nearly 24% of Blusmart, while the rest was owned by investors like SoftBank, Mayfield India Fund, and celebrities such as Deepika Padukone and M.S. Dhoni.

Investors’ Rescue Plan

Investors hope to buy Jaggi’s shares at face value, request private lenders to waive part of Blusmart’s ₹850 crore debt, and infuse new funds to restart operations. A large part of this debt is owed to Gensol Engineering, also founded by Jaggi.

Why Restarting is Urgent

Blusmart was considered a promising business with loyal customers and reliable drivers. But electric vehicle batteries degrade if unused for too long. Restarting operations will also help Gensol, which owns many of BluSmart’s cars and must service its own loans.

Conclusion

The investors aim to separate Blusmart completely from Gensol and give it a fresh start. This will not only protect their capital but also restore the brand’s operations and trust among customers and lenders.

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