Markets regulator, the Securities and Exchange Board of India (Sebi), has found that BluSmart promoters Anmol and Puneet Singh Jaggi diverted funds from their listed solar energy company, Gensol Engineering. The duo has also been accused of stock price manipulation and other fraudulent activities, sending shockwaves through India’s startup and clean-tech ecosystems.
Once celebrated as rising stars in the country’s renewable energy sector, the Jaggi brothers now face serious allegations of financial misconduct that threaten to undo years of entrepreneurial goodwill.
Anmol Singh Jaggi
The son of an army officer, Anmol is based in Ahmedabad. He earned a B.Tech in Applied Petroleum Engineering from the University of Petroleum and Energy Studies in Dehradun in 2007.
He founded Gensol Consultants the same year, which later evolved into Gensol Engineering—a solar EPC (engineering, procurement and construction) firm. Until recently, he served as chairman and managing director of the company.
In 2019, Anmol cofounded BluSmart Mobility, India’s first all-electric ride-hailing platform, aimed at offering a sustainable alternative to traditional cab services. According to his LinkedIn profile, he also serves as managing director at Matrix Gas and Renewables Limited.
Puneet Singh Jaggi
Puneet cofounded Gensol along with Anmol in 2007. He graduated with a degree in Chemical Engineering from the Indian Institute of Technology (IIT) Roorkee in 2010.
In 2016, he founded Prescinto Technologies, an AI-powered platform for monitoring and optimising clean energy assets. Like his brother, Puneet was also involved in BluSmart’s early days, serving as a board director until November 2021.
Also Read: Anmol Jaggi and Ashneer Grover fund trails see overlap
He is also the founder of Param Renewable Energy, which is among India’s largest independent solar operations and maintenance (O&M) firms.
Read ETtech’s in-depth covering of the Gensol-BluSmart crisis:
( Originally published on Apr 18, 2025 )
Once celebrated as rising stars in the country’s renewable energy sector, the Jaggi brothers now face serious allegations of financial misconduct that threaten to undo years of entrepreneurial goodwill.
Anmol Singh Jaggi
The son of an army officer, Anmol is based in Ahmedabad. He earned a B.Tech in Applied Petroleum Engineering from the University of Petroleum and Energy Studies in Dehradun in 2007.
He founded Gensol Consultants the same year, which later evolved into Gensol Engineering—a solar EPC (engineering, procurement and construction) firm. Until recently, he served as chairman and managing director of the company.
In 2019, Anmol cofounded BluSmart Mobility, India’s first all-electric ride-hailing platform, aimed at offering a sustainable alternative to traditional cab services. According to his LinkedIn profile, he also serves as managing director at Matrix Gas and Renewables Limited.
Puneet Singh Jaggi
Puneet cofounded Gensol along with Anmol in 2007. He graduated with a degree in Chemical Engineering from the Indian Institute of Technology (IIT) Roorkee in 2010.
In 2016, he founded Prescinto Technologies, an AI-powered platform for monitoring and optimising clean energy assets. Like his brother, Puneet was also involved in BluSmart’s early days, serving as a board director until November 2021.
Also Read: Anmol Jaggi and Ashneer Grover fund trails see overlap
He is also the founder of Param Renewable Energy, which is among India’s largest independent solar operations and maintenance (O&M) firms.
Read ETtech’s in-depth covering of the Gensol-BluSmart crisis:
- How the Jaggi brothers misled investors and lenders while being cleantech poster boys
- Gensol promoters quit board; BluSmart begins shutting ops
- Scoop: Uber in early discussions with EV ride-hailing startup BluSmart for a possible acquisition
- Exclusive: BluSmart may end cab-hailing trip, hit reverse gear
- Tale of missing funds: How Gensol’s Jaggi brothers siphoned Rs 262 crore
- BluSmart halts Delhi airport operations amid Sebi heat on promoters
- BluSmart's ride into the sunset: Timeline of events at the cab-hailing EV firm
- End trip for BluSmart? Behind the EV ride-hailing company’s deepening crisis
( Originally published on Apr 18, 2025 )
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