Anmol Singh Jaggi, one of the cofounders of the tainted cab aggregator service Blusmart, has been in the news over allegations of fraud and funds misuse. He has been barred by SEBI and Blusmart operations remain suspended in several major Indian cities. Read about his journey here.
Anmol Singh Jaggi, one of the cofounders of the tainted cab aggregator service BluSmart, has been in the news over allegations of fraud and funds misuse. He has been barred by stock market regulator Securities and Exchange Board of India (SEBI), while BluSmart operations remain suspended in several major cities. Jaggi, credited with cofounding the country’s first-ever all-electric ride-hailing platform, has in the past garnered praised as a young and innovative business leader. But all that repute now seems to be fading. Here are some key highlights from his journey.
Cofounded Gensol in 2012
Jaggi, born and brought up in Ahmedabad, studied Applied Petroleum Engineering from the University of Petroleum and Energy Studies in Dehradun between 2003 an 2007. Interestingly, he interned at billionaire Mukesh Ambani-owned Reliance Industries (RIL) during in 2005. He cofounded Gensol Engineering Limited along with his brother Puneet Singh Jaggi in 2012. The company focuses on solar power project services, electric vehicle (EV) manufacturing, and leasing. It entered the EV making space in 2023, setting up a plant in Pune which has a capacity of producing 30,000 EVs annually.
BluSmart and other ventures
In 2019, the Jaggi brothers founded BluSmart Mobility, along with Punit K Goyal, competing with established players like Uber and Ola. The company had a valuation of nearly Rs 3,000 crore as of February 2025. Other ventures founded by Jaggi include Gosolar Ventures Pvt Ltd., Blu-Smart Charge Pvt Ltd., and Gensol Consultants Pvt Ltd.
In 2024, Jaggi was featured on Fortune India’s 40 Under 40 list for young business leaders.
Resignation from Gensol
Following the fraud allegations, Jaggi has resigned from the board of Gensol Engineering. The accusations against him and his brother are currently being investigated.
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