'I am the victim...I personally invested Rs 1.5 crore in BluSmart, I hope they can survive': Ashneer Grover amid Gensol scandal

BharatPe co-founder and former Shark Tank India judge Ashneer Grover has distanced himself from the ongoing Gensol-BluSmart financial controversy, saying he is a “victim” in the situation, not a participant.

In a strongly worded post on X (formerly Twitter), Grover slammed media coverage linking him to the case and said, "Dragging my and my company's name in this Gensol / BluSmart fiasco is rather shameful and cheap journalism."

Grover revealed that he had personally invested Rs 1.5 crore in BluSmart and Rs 25 lakh in Matrix, stating, "I hope the business/company can survive the current fiasco for the sake of its stakeholders."

"Dragging my and my company’s name is this Gensol / BluSmart fiasco is rather shameful and cheap journalism. In fact I am the ‘victim’ of the current scenario having personally invested ₹1.5 cr in BluSmart and ₹0.25 cr in Matrix. I hope the business / company can survive the current fiasco for sake of its stakeholders," he wrote.

I didn’t see any headline saying “funds diverted to Rajeev Singh’s DLF or Ratan Tata’s Titan”. Indian business journalists are the worst of the lot and basically anpadh @moneycontrolcom @EconomicTimes ! Kuchh bhi headlines bana do - views ke liye.

Indian journalism is really…

— Ashneer Grover (@Ashneer_Grover) April 17, 2025

The controversy stems from a SEBI interim order issued on April 15, which revealed that Anmol Singh Jaggi—promoter of Gensol Engineering Ltd, currently under investigation for alleged fund diversion—had invested Rs 50 lakh in Grover's startup, Third Unicorn Pvt Ltd, by acquiring 2,000 shares.

Grover emphasised that private limited companies are not responsible for the background or source of funds from individual shareholders. As of March 31, 2024, Jaggi still held his stake. “A private limited company is not liable for the conduct of shareholder or for doing diligence/ascertaining their source of funds," he wrote.

BluSmart halts booking

Shortly after the SEBI order, BluSmart, which competes with Ola and Uber in the electric vehicle (EV) ride-hailing space, abruptly halted new ride bookings through its app in most parts of major cities, including Delhi-NCR, Mumbai, and Bengaluru.

According to reports, users are unable to select a time slot or even a date, indicating a suspension of services.

SEBI, in its interim order, said that Gensol Engineering Founder Anmol Singh Jaggi diverted the company’s funds to purchase an apartment worth Rs 43 crore in DLF's super luxury residential colony, The Camellias, in Gurugram. Jaggi also diverted Rs 26 lakh to buy a golf set and used Rs 9.95 lakh for paying credit card dues. He used Rs 2.58 crore diverted funds for personal use.