Two years ago, a little after Shark Tank India judge and former BharatPe co-founder Ashneer Grover released his book Doglapan, he sent a signed copy to Gensol founder Anmol Jaggi. In it, Grover wished to collaborate with Jaggi to beat the likes of Ola and Uber.
Jaggi is also the founder of BluSmart, an electric vehicle-based cab service company, and at the time, it had plans to fight off Ola and Uber in the EV cab space. "To Anmol Jaggi," Grover's note read. "I get along fabulously with Sardar Jees. Jaspal Bindra ke saath PMC Bank bachaya. Tere saath Ola + Uber ko beat karna hai (With Jaspal Bindra, I saved PMC Bank, with you, I want to beat Ola and Uber). Think and do big (sic)."
Sharing a picture of Grover's note on LinkedIn, Jaggi wrote, "Ashneer Grover bhaiya, thanks for the personally signed copy of your book. Super proud to be on your friend list. Getting wisdom from you is key to success."
Jaggi later went on to invest Rs 50 lakh from Gensol's funds in Grover's Third Unicorn.
Success, however, appears to be slipping fast from Jaggi's grasp. In early March, there were reports of Uber being in the early stages of talks to acquire BluSmart as Gensol was looking to exit the capital-intensive business after facing liquidity issues. Recently, SEBI conducted a probe into Gensol and its findings, published on April 15, have cast serious doubts over the future of BluSmart.
Gensol, which leased electric vehicles to BluSmart and held close financial ties, has allegedly diverted over Rs 200 crore meant for EV purchases, SEBI revealed. In its interim order, the market regulator also explained how loans taken for buying new EVs for BluSmart were diverted by the duo for personal use, including buying a luxury apartment developed by DLF in Gurgaon.
When SEBI contacted DLF for information, it was revealed by the real estate major that the amount was paid for the purchase of an apartment in the uber-luxury project The Camellias in Gurgaon.
"Funds availed by Gensol as loans for procuring EVs were, through layered transactions, partly utilised for buying a high-end apartment in The Camellias, Gurugram, in the name of a firm where the MD of Gensol and his brother are designated partners," SEBI stated.
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