"Much-Needed Reality Check For All Of Us In The Ecosystem”: Aman Gupta Opens Up On BluSmart Crisis

Aman Gupta, Co-founder and CMO of boAt Lifestyle, has opened up on the recent BluSmart crisis and remarked that it is a “much-needed reality check” for the Indian startup ecosystem.

In a recent LinkedIn post, Gupta explained the multiple layers of the impact while mentioning the importance of ethics, compliance, and resilience. 

Also read: 'I Am The Victim,' Says Ashneer Grover As SEBI Finds Out Investments In Anmol Jaggi’s Now Tainted Blusmart (startuppedia.in)

Aman Gupta says BluSmart crisis is eye-opener

“The BluSmart situation is tough,” he said. “Sad for everyone involved. But also a much-needed reality check for all of us in the ecosystem,” he added.

The entrepreneur admitted that the shocking incident involving BluSmart founders has dented trust in the ecosystem.

“And, one might say that that’s the damage we can’t afford. But, let’s zoom out. Even global MNCs have had their meltdowns. What matters is how we as a country and ecosystem bounce back,” he commented. 

Gupta said that for all founders out there, the biggest takeaway is that compliance and ethics aren’t boxes to tick, but they are the foundation.

“Being a CA, I’ve seen this up close: Clean books, Timely audits, Transparent reporting. All so called “not so cool tasks” make businesses sustainable,” he opined.

Sharing a personal lesson from his upbringing, he wrote: “Jo bhi karo, dil se karo. Par galat na karo,” meaning “Whatever you do, do it with heart. But don’t do wrong.” Gupta urged startup leaders to pay attention not only to financial diligence but also to cultural, operational, and ethical aspects of running a company.

The Shark Tank judge further remarked that growth matters. But how you build it matters just as much.

He concluded with a reminder: “To build not just fast, but right 🇮🇳🔥”

Gensol Engineering and its sister concern, BluSmart, are under scrutiny as the market regulator, SEBI, alleged that the promoters, brothers Anmol and Puneet Singh Jaggi, used company funds for personal reasons.

BluSmart, once considered a cleaner, premium alternative to usual ride-hailing services like Ola and Uber, has now ceased ride bookings in Delhi-NCR and Bengaluru due to the proceedings of SEBI’s investigation into financial misconduct. 

Also read: ‘...Our Job Is To Find & Punish Them,’ Says SEBI Chief Tuhin Kanta Pandey On Gensol Fraud (startuppedia.in)