Bad news for Deepika Padukone, Sanjeev Bajaj as they may lose huge amount of money due to…
BluSmart, a company providing electric cab service, is in trouble as it had to shut down its services after SEBI’s action in the loan fraud case. SEBI has ordered a forensic investigation against Gensol Engineering, a company involved in green energy business, and has banned its promoters brothers Anmol Jaggi and Puneet Jaggi from the stock market. They are accused of misappropriating company funds. They bought a luxury apartment in Gurugram and expensive golf equipment with the money given to the company to buy a car. The golf equipment was worth Rs 26 lakh. Gensol Engineering used to lease electric vehicles to BluSmart. There were financial relations between the two companies.
According to a report by Money Control, Bengaluru-based company BluSmart had raised Rs 4,100 crore from investors. Many celebrities have invested in it. These include former Team India captain Mahendra Singh Dhoni , actress Deepika Padukone, well-known businessman Sanjeev Bajaj and BharatPe co-founder Ashneer Grover. Deepika Padukone was one of the early investors in the company. Her family office invested $3 million in this company in the year 2019. It was an angel funding round.
In the same round, Bajaj Capital Managing Director Sanjeev Bajaj also invested $3 million. JITO Angel Network and Rajat Gupta also invested in BluSmart. Last year, the company raised $24 million in pre-series B funding. Dhoni’s family office, ReNew Power’s Sumant Sinha and a Swiss asset management firm participated in it. Gensol also took a loan of Rs 978 crore from IREDA and Power Finance Corporation (PFC) between 2021 and 2024. Most of this was to buy 6,400 electric vehicles.
Whose investment
In the same round, Bajaj Capital Managing Director Sanjeev Bajaj also invested $3 million. JITO Angel Network and Rajat Gupta also invested in BluSmart. Last year, the company raised $24 million in pre-series B funding. Dhoni’s family office, ReNew Power’s Sumant Sinha and a Swiss asset management firm participated in it. Gensol also took a loan of Rs 978 crore from IREDA and Power Finance Corporation (PFC) between 2021 and 2024. Most of this was to buy 6,400 electric vehicles.
According to Private Circle data, Jaggi Brothers hold about 33% stake in BlueSmart. Similarly, BP Ventures, an investor in the Series A round, holds 14.3% stake in the company. Although BlueSmart is not a formal subsidiary of Gensol Engineering, SEBI’s investigation has revealed that there is a deep financial relationship between the two companies. Transactions worth more than Rs 148 crore took place between the subsidiaries of Gensol and BlueSmart. This clearly shows how strong the relationship is between the two.
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