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Updated : Apr 19, 2025, 02:06 PM IST
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MS Dhoni, skipper of Chennai Super Kings (CSK), is set to suffer huge losses as the former Indian cricketer invested money in a green mobility startup named BluSmart, which is on the verge of closure and is under the investigation of SEBI. BluSmart has also shit down its cab service in Delhi NCR, Mumbai, and other cities after its founder was accused of financial misappropriation and the company is facing a financial crisis.
"We've decided to temporarily close bookings on the BluSmart app," the company said in an email to customers on April 17. The Bengaluru-based green mobility startup was launched in 2018 and became popular instantly, and many popular personalities invested their money in it. The company reportedly raised over 4,100 crore from investors, but now is heading towards an uncertain future. Apart from MSD, Bollywood diva Deepika Padukone, business tycoon Sanjeev Bajaj, and former Shark Tank India judge Ashneer Grover also invested their money in BluSmart.
What went wrong with BluSmart?
The co-founders of BluSmart, Anmol Singh Jaggi and Punit Singh Jaggi, who are the promoters of Gensol Engineering Company, have been accused of misusing the loan amount taken in the company's name. They have reportedly used over 260 crore on luxury items like golf kits, residential flats, travel, and more. As per data from Private Circle, Jaggi Brothers have a 33 percent stake in BluSmart.
Ashneer Grover reacts to BluSmart crisis
Earlier, former Shark Tank India judge Ashneer Grover reacted to the ongoing issue and reacted on his X handle. He wrote, ''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.''
Meanwhile, SEBI has barred the Jaggi Brothers from holding directorship positions in the firm and accessing the market.
