‘Tere saath Ola, Uber Ko…’: When Ashneer Grover wanted to challenge cab companies with Anmol Jaggi’s BluSmart

BharatPe founder Ashneer Grover had once expressed his intentions to ‘beat’ Ola and Uber along with BluSmart co-founder Anmol Jaggi, the businessman who has now landed in major trouble for siphoning off money meant for his businesses.

A handwritten note from Grover, dating back two years ago, has revealed his desire to challenge the businesses of Ola and Uber in India with the Gensol Engineering co-founder. He also advised Jaggi to “think and do big”.

Ashneer Grover's message to Anmol Jaggi

Two years ago, Ashneer Grover released his book ‘Doglapan’. At the time, he sent a copy of the book with the handwritten note. A post on Anmol Jaggi's LinkedIn account from the time reveals the content of the note.

“To Anmol Jaggi, I get along fabulously with Sardar Jees. Jaspal Bindra Ke Saath PMC Bank Bachaya. Tere Saath Ola + Uber Ko beat Karna Hai. Think and do big,” Ashneer Grover had written in the note.

He had also signed the copy of his book for Anmol Jaggi.

Posting the picture of the book and the note on LinkedIn, the troubled Gensol Engineering co-founder had thanked Ashneer Grover.

“Ashneer Grover bhaiya, thanks for the personally signed copy of your book. Super proud to be in your friend list. Getting wisdom from you is key to success,” he said.

Since the infamous report of the SEBI concerning Anmol Jaggi came into light, BluSmart operations have been suspended in India.

Did Anmol Jaggi siphon off money to Ashneer Grover's startup?

The Securities and Exchange Board of India (SEBI) in its investigation revealed that Anmol Singh Jaggi, a promoter of Gensol Engineering, had invested ₹50 lakh into Ashneer Grover's startup Third Unicorn.

Reports have since claimed that the funds were diverted from Gensol’s coffers.

The SEBI report suggests that Anmol Jaggi and Puneet Jaggi had purchased 2000 shares of Third Unicorn Pvt Ltd worth ₹50 lakh during the seed funding round in February 2023.

However, SEBI has not directly charged Grover.

What did Ashneer Grover say?

While reports claimed that the ₹50 lakh was siphoned off to Ashneer Grover's startup, the tech entrepreneur claimed that he was a victim of the situation involving the Jaggi brothers and SEBI.

“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,” Grover said in a post on X.

SEBI's order

SEBI in its order found discrepancies as well as misleading disclosures to investors by Gensol Engineering, a company promoted by brothers Anmol Singh Jaggi and Puneet Singh Jaggi.

The SEBI probe found that funds meant for EV purchases were often routed back to Gensol or entities linked to Jaggi brothers.

Some of the funds were used for personal expenses of the promoters, such as the purchase of a luxury apartment, transfers to close relatives, and investments benefiting private entities owned by the promoters.

In response to these governance lapses, the markets regulator took several stringent measures, including prohibiting Gensol and its promoters -- Jaggi brothers-from accessing the securities market until further notice.

Also, it barred the Jaggi brothers from holding any directorship or key management position in Gensol.