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Did BluSmart and Gensol’s downfall begin in the boardroom?

Pranav Balakrishnan

Nikhil Patwardhan

May 14, 2025 | 9 Min Read

May 14, 2025 | 9 Min Read

Behind BluSmart’s collapse lies an oversight problem. Did independent directors with financial interests in the company they were supposed to monitor potentially enable the promising startup’s mismanagement and ignore obvious red flags?

Key Takeaways

BluSmart’s board included an independent director with potential conflicts of interest, raising questions over the integrity of its governance structures
Independent director Inderpreet Wadhwa had commercial interests through Clime Finance, which leased EVs to BluSmart’s sister concern Gensol Engineering, which in turn leased them to BluSmart
The board also failed to flag BluSmart’s worsening financial condition, including unpaid taxes and cash flow issues. Wadhwa allegedly headed the company’s audit committee
BluSmart’s downfall spotlights the urgent need for robust governance norms—even in private startups—to prevent such issues

On Monday, May 12, Anmol Singh Jaggi and his brother Puneet Singh Jaggi stepped down from their respective roles at Gensol Engineering, the renewable energy company they co-founded in 2012.

With Gensol now engulfed in allegations of fraud and corporate misgovernance after a damning report from the Securities and Exchange Board of India exposed a web of financial irregularities inside the company, their resignations were an inevitability.

The report, which includes allegations of diverting corporate funds to purchase private properties in the name of Anmol Jaggi, may only be the start of the Jaggis’ problems. While Gensol Engineering, as a publicly listed entity, has taken centre stage thus far, BluSmart—the electric cab startup co-founded by Anmol that originally propelled him into the limelight as one of the poster boys of India’s renewable energy story—may soon have its own can of worms to contend with.

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