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Sanjeev Bikhchandani, Founder and Executive Vice-Chairman of Info Edge, expressed disappointment over the sudden shutdown of BluSmart, the electric ride-sharing startup headquartered in Gurugram. Speaking to ANI on Saturday, Bikhchandani said, “As a customer, I am disappointed because the cab services were really good… The business, obviously, must be viable. Corporate governance has to be good for a company to sustain.” His remarks come after market regulator SEBI flagged issues of fund diversion and document falsification in Gensol Engineering Ltd, which owns BluSmart. The shutdown has left thousands of drivers, investors, and customers dealing with its immediate impact.
Info Edge Founder Calls For Serious View On SEBI Findings
Bikhchandani urged stakeholders to take the SEBI report seriously. “The SEBI report needs to be taken seriously; it was produced after a proper investigation,” he said. He acknowledged the damage caused but reminded the public of the larger context. “While it is a setback for the startup ecosystem, we must understand that there are 1.6 lakh registered startups in India, and if we include the unregistered ones, there are nearly 7–8 lakh startups. There will be some bad actors, but for the most part, 95–98 per cent of startups are honest,” he stated.
BluSmart’s Abrupt Exit Shocks Startup Ecosystem
BluSmart, once seen as a rising star in India’s electric mobility space, had earned a strong reputation for its punctual and eco-friendly cab services. Its shutdown sent shockwaves through the startup community and disrupted daily commuting patterns in Delhi-NCR. The company’s model had attracted urban customers seeking cleaner transportation alternatives.
Driver Job Losses A Major Concern
Bikhchandani raised concerns over the job losses resulting from BluSmart’s closure. “The worst hit are the cab drivers; they do not have social security, they are not well-off, around 15,000 to 20,000 drivers are suddenly out of a job in Delhi-NCR. It is a tragic setback for the investors as well,” he said. He emphasized the human cost of corporate governance lapses in startups.
Praise For Regulatory Response
He also highlighted the regulatory response. “It shows that regulators are active, vigilant, and ready to act when needed,” he noted, referring to SEBI and NSE’s quick intervention following the revelations of alleged mismanagement within BluSmart’s parent company.
(With Inputs From ANI)
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