BluSmart Is Gensol. Gensol Is BluSmart

“They (Anmol Jaggi’s Gensol) made that 20 MW (solar) power plant for us in a record time of four months,” BluSmart’s co-founder Punit Goyal told Zerodha’s Nikhil Kamath during a WTF podcast on 10 December, 2023. “I had no idea that we would start BluSmart eight years later.”

“In 10 years, everyone in India should be able to get a BluSmart EV cab in five minutes,” Anmol Jaggi, BluSmart’s co-founder and Gensol Engineering’s CEO, said during a press conference on 10 February 2025.

Things have unravelled quickly since then.

In March 2025, credit ratings agencies ICRA Ltd. and CARE Ratings Ltd. downgraded Gensol’s credit rating to junk due to delays in debt-servicing. On Tuesday, India’s market regulator SEBI barred Gensol Engineering Ltd., CEO Anmol Singh Jaggi and Promoter Director Puneet Singh Jaggi from the securities market over charges of fund diversion.

But where does BluSmart fit in all this? Let’s start from the beginning.

In 2007, the Jaggi brothers founded Gensol Engineering as an engineering, procurement and construction company. Between 2008 and 2012, Gensol constructed two solar power plants for Goyal’s now-defunct renewable energy firms in Gujarat.

By 2018, Goyal and Jaggi came together to start BluSmart, an EV-only cab aggregator that was incorporated as Gensol Mobility Pvt. with three units—Gensol Charge Pvt. (charging infrastructure), Gensol Fleet Pvt. (ride-hailing business), and Gensol Mobility Pvt. (taxi app). A year later, all of them were rebranded as BluSmart. Gensol, at the same time, diversified into the EV leasing business.

Goyal on that WTF podcast, said BluSmart works on an asset-light model like Ola and Uber. It leases electric cars from development financial institutions such as the Indian Renewable Energy Development Agency Ltd.

“We have an SPV (special purpose vehicle). They buy these cars, I mean, they fund these cars. The SPV takes the loan from these DFIs. The SPV then leases the cars to BluSmart.”

Gensol Engineering was one such EV leasing company that secured government-backed loans from Ireda to purchase thousands of electric cars. BluSmart got a bulk of them at favourable lease terms. Until now.

The SEBI investigation revolves around the Rs 975-crore loan raised by Gensol to purchase 6,400 electric cars. Only 4,704 electric cars were actually purchased for Rs 567.73 crore. That left over Rs 200 crore unaccounted for.

The sanctioned loans were allegedly routed to a dealer, Go Auto Pvt., which in turn redirected the funds to various entities linked to the Jaggi brothers, including Capbridge Ventures LLP, Matrix Gas and Renewables Ltd., and Wellray Solar Industries Pvt. These funds were then misused for personal expenses as well, including a luxury apartment in DLF’s Camellias project in Gurugram.

Secondly, by the end of 2024, Gensol had unpaid loans of Rs 470 crore towards Ireda. The promoters had pledged 82% shares against a total debt of Rs 1,100, as on Dec. 31.

Thirdly, in an attempt to service its ballooning debt, Gensol decided to sell 3,000 EVs to Refex Green Mobility in January. That deal was scrapped in late March.

In Gensol, BluSmart had an EV leasing partner that was a close ally. After all, they shared co-founders. To be sure, BluSmart was never a subsidiary of Gensol, but the listed company’s latest annual report shows contracts worth over Rs 148 crore with BluSmart’s subsidiaries. That shows how deep their ties were.

But now with Gensol gone, what happens to BluSmart? As of writing this article, BluSmart’s services were unavailable across Delhi, Mumbai and Bengaluru.