As per recent reports, some renowned personalities such as MS Dhoni, Deepika Padukone, Sanjeev Bajaj and Ashneer Grover were investors in BluSmart.
Quoting data from PrivateCircle, NDTV Profit reported that Anmol Singh Jaggi holds almost 25 per cent stake at BluSmart, while his brother, Puneet Singh Jaggi, has a share of nearly 5 per cent in the company.
As of December 31, 37.4% of Gensol Engineering's shares were held by public investors.
At the close of the quarter, the company turned out to have been a good bet. The scrip had given a 68% return moving to the mainboard while its third-quarter earnings were modest.
However, it crashed down when the firm’s debt rating was cut to default last month, triggering a selling spree which resulted in Gensol losing nearly 80% of its market capitalisation in 30 days.
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The backstory
As reported by NDTV Profit, the Jaggi brothers’ Gensol is BluSmart, and BluSmart is Gensol. Soon after SEBI released its interim order, BluSmart ceased its operations across Delhi, Mumbai and Bengaluru.
In 2019, the firm was reported to have raised $3 million in an angel round from investors including Bollywood actor Deepika Padukone’s family office Ka Enterprises, and Bajaj Finserv's Sanjiv Bajaj, among other renowned investors.
BharatPe founder Ashneer Grover revealed in an X post that he had invested ₹1.5 crore in BluSmart, calling himself a ‘victim’ of the fiasco.
In July 2024, BluSmart raised Rs 200 crore in a pre-Series B funding round from other key new investors, including Swiss impact investor ResponsAbility, former India cricket captain MS Dhoni's family office and ReNew Chairman Sumant Sinha.
Also read: ‘...Our Job Is To Find & Punish Them,’ Says SEBI Chief Tuhin Kanta Pandey On Gensol Fraud (startuppedia.in)
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