As the Jaggi brothers — Anmol Singh Jaggi and Puneet Singh Jaggi — find themselves at the heart of the financial mismanagement in the Gensol-BluSmart saga, attention on the third BluSmart co-founder, Punit K Goyal, has taken a notably different turn.
Across social media, investors and entrepreneurs alike have rallied behind Goyal, painting him as a rare figure of integrity and vision, and a maverick deeply committed to green mobility sustainability.
Priyanka Madnani, the founder of startup advisory firm Terex Ventures, who has known Goyal for the past four-five years, recalls how he was beaming with enthusiasm and passion for his startup (BluSmart) during their first interaction.
"People are now more aligned to him as they stand for his vision.
"What he has claimed on day one, he stands for it today also.
"As a founder, he was focused and passionate, which is a rare quality, and the efforts he made for BluSmart were truly symbolic," Madnani said.
Writing on the professional networking platform LinkedIn, angel investor Amit Gupta, in an almost 450-word post, said: "Punit is not just a serial entrepreneur, he is a force in renewable energy and electric mobility.
"He brought clarity of vision, unshakable integrity, and relentless execution to BluSmart, India’s pioneering all-electric ride-hailing platform... Punit has poured his soul into that same mission.
"And that work continues, even when it’s misunderstood. Because the mission matters."
Similarly, in an online post, Avani Naresh, vice president of a firm that provides IT infrastructure, said: "Dear Punit K Goyal, I stand with you in these difficult times.
"You have built BluSmart with lot of passion... You were building BluSmart and this story should go on being the best EV (electric vehicle) cab company in India."
Amid the mounting crisis, not a single social media post has questioned Goyal’s involvement or intentions — a rare occurrence for a founder in such a scenario.
Asked whether Goyal could have been unaware of the alleged financial missteps, Naresh told Business Standard that he had seen Goyal being the only one regularly checking on customer feedback.
“We are not inside BluSmart, so there can be any possibility, or maybe even the top executives of BluSmart can be involved.
"But given what is there in the public domain, I don't think BluSmart or Punit Goyal should be dragged into this," he explained.
Unlike in the past when founders have been pulled up for their role in such cases, Goyal has been spared the criticism.
Angel investor Ashish Gulgulia said the investor community is all hail for Goyal because he maintained constant communication with them.
"I have learned that in the past three-five quarters, the access of investors to the company's founders started drying up.
"However, it was only Goyal who was in touch with them, providing them updates, and was involved in investor meetings," Gulgulia said.
BluSmart started operations in 2019 with four co-founders on board: Anirudh Arun, the Jaggi brothers, and Goyal, according to market intelligence platform Tracxn.
Currently, Anmol (Jaggi) holds the largest stake at 19.51 per cent, followed by Puneet (5.63 per cent), Goyal (4.47 per cent), and Arun (0.3 per cent).
Kanishk Gaur, chief executive officer (CEO) of Athenian Tech, a firm that provides cybersecurity solutions, said: "While the Jaggi brothers are co-promoters of Gensol, it’s noteworthy that Punit Goyal has been focused on scaling BluSmart independently, including its recent expansion into Dubai.
"Goyal’s credibility remains intact, and industry sentiment suggests that investors continue to view him favourably, distinct from the concerns surrounding the Jaggi brothers."
Despite the goodwill, questions linger. Mandani and Gulgulia pointed out that even if Goyal has all the must-have qualities of a founder, it is impossible that he was not privy to the financial crisis at Gensol and BluSmart.
"It cannot happen that the third founder was not involved. There were a lot of exits (top heads and investors) that happened early on, and the founder would know the reason for them," Gulgulia said.
The company's cofounder and CEO Arun, chief business officer Tushar Garg, chief technology officer Rishabh Sood, and vice-president of experience Priya Chakravarthy had reportedly stepped down.
Goyal graduated from Aston Business School’s International Business course in 2007.
Business Standard’s attempts to connect with Goyal did not elicit a response.
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