The domain name “blu-smart.com” of the now-defunct electric ride-hailing business BluSmart is for sale. A cursory examination of the BluSmart website showed that users are taken to a parked page indicating that the domain is available for purchase. The development follows a string of issues that the business was experiencing.
Anmol Singh Jaggi and Puneet Singh Jaggi, cofounders of BluSmart and promoters of Gensol, were found guilty in April by markets regulator SEBI of misusing business funds in a “fraudulent manner”. According to the regulator’s judgement, Gensol attempted to deceive investors, lenders, credit rating agencies (CRAs), and SEBI by submitting fraudulent conduct letters purportedly from its lenders.
Additionally, SEBI prohibited Gensol Engineering’s promoters from serving as directors or other important managers of the struggling business. BluSmart then stopped offering taxi booking services, making the app available but inoperable.
In June, BluSmart’s App Stopped working
Users reported that the app broke upon starting and displayed the warning “something went wrong!” on both iOS and Android smartphones by June, at which point it completely stopped functioning. Due to BluSmart’s financial problems, the Ahmedabad bench of the National Company Law Tribunal (NCLT) accepted an insolvency plea against the company in August.
Since then, several former executives have claimed compensation under employee claims, and around 200 applicants—including lenders like Catalyst Trusteeship and the Indian Renewable Energy Development Agency (IREDA)—have filed claims against the company totalling almost INR 500 Cr. Gensol Engineering, the publicly traded business that BluSmart’s cofounders, the Jaggi brothers, founded, had been integrated into BluSmart’s operations. Up until recently, Gensol was the largest fleet supplier to BluSmart, which in turn depended significantly on BluSmart as its biggest client.
However, due to purported governance shortcomings, Gensol has been under regulatory investigation, debt, and lowered credit ratings. Investor confidence was further eroded when credit rating agencies even noted BluSmart’s tardiness in fulfilling some debt obligations.
BluSmart’s Final Nail in the Coffin
BluSmart lost the vital support network that enabled them to establish one of India’s largest fleets of EVs exclusively as Gensol’s financial difficulties worsened. This year, the CEO, CBO, CTO, and other senior executives left the organisation, causing a top-level exodus as well. The Jaggi brothers have been under investigation by enforcement agencies and regulators, including SEBI, for potential financial malfeasance, which has further hampered BluSmart’s ability to raise money.
Earlier this year, it was rumoured that investors, including responsAbility and bp Ventures, were considering a $30 million proposal to revive BluSmart. There has been no indication on whether such a rescue is still possible, though, given that the domain is currently for sale, the app is not working, and insolvency claims are mounting.
Quick
Shots
•The website now redirects users to a
parked page showing the domain is available for purchase.
•Founders Anmol Singh Jaggi and Puneet
Singh Jaggi were found guilty by SEBI of misusing company funds in a
fraudulent manner.
The Delhi Debt Recovery Tribunal (DRT) has been contacted by the Indian Renewable Energy Development Agency (IREDA) to recover around INR 729 Cr from Gensol Engineering after the agency filed an insolvency plea against the company.
The company filed an original application under Section 19 of The Recovery of Debts and Bankruptcy Act, 1993, before the Hon’ble Debt Recovery Tribunal Delhi on May 20, 2025, for a default amount of INR 510 Cr and INR 218.95 Cr against M/s Gensol Engineering Limited and M/s Gensol EV Lease Pvt Limited, respectively, according to an exchange filing from IREDA.
The DRTs can be contacted by banks and other financial organisations to collect secured debt from borrowers. Power Finance Corporation (PFC) is also looking into recovery via the DRT route, according to a media outlet.
Owners of the Firm Used Company’s Money for Own Benefits: SEBI
More than a month has passed since the Securities and Exchange Board of India (SEBI) declared in an interim decision that Anmol Singh Jaggi and Puneet Singh Jaggi, the promoters of Gensol, had exploited the company’s money as a “piggybank.”
Between FY22 and FY24, Gensol borrowed INR 977.75 Cr from PFC and IREDA. The business planned to lease 6,400 EVs to BluSmart for INR 663.89 Cr. However, according to a SEBI decision, only 4,704 vehicles were purchased, leaving INR 262.13 Cr unaccounted for.
The market’s watchdog claimed in an interim decision that the promoters fabricated documents, manipulated the company’s stock price, and misled rating agencies and shareholders. The Jaggi siblings were also prohibited by SEBI from serving on any boards and from trading in securities.
BluSmart taken a Massive Hit
BluSmart, a Gensol-affiliated EV ride-hailing firm, was likewise impacted owing to the ongoing chaos. In addition, the Jaggi brothers are among the startup’s cofounders. BluSmart ceased operations after the SEBI ruling, which left 800 full-time employees and thousands of drivers in the dark.
The Enforcement Directorate (ED) then raided the home of the Jaggi brothers in late April and a number of locations connected to Gensol. The searches also resulted in Puneet’s arrest. When the Delhi High Court (HC) gave him anticipatory bail and ordered the Delhi Police to give him a seven-day notice before making an arrest, he was given temporary protection a week later.
Following the rumours, the Jaggi pair resigned and left the company earlier this month. In recent weeks, the Delhi High Court has issued consecutive orders prohibiting BluSmart and Gensol from alienating third parties or establishing third-party rights over their rented cars.
Following Gensol Engineering’s default on a loan of INR 510 crore, the state-run financier Indian Renewable Energy Development Agency (Ireda) filed a petition against the business under Section 7 of the Insolvency and Bankruptcy Code, Ireda said in a stock exchange filing on 14 May.
The value of stock interests is likely to be destroyed if the National Company Law Tribunal accepts the insolvency petition, and all of the company’s creditors are anticipated to submit their claims to the court-appointed resolution professional for debt resolution.
Gensol is Navigating Through Troubled Waters
In addition to other regulatory enquiries, Gensol is being investigated by the Securities and Exchange Board of India (Sebi) for allegedly diverting funds from the listed company by its promoters. Anmol Singh Jaggi and his brother Puneet Singh Jaggi, the founders of Gensol Engineering and BluSmart Cabs, resigned from the Gensol board in response to the Sebi ruling, stating in a letter to the exchanges that their actions were in accordance with Sebi’s directives.
Puneet served as Gensol’s full-time director, while Anmol served as managing director. Prior to this, Ireda started an internal examination on April 25 in accordance with its own due diligence procedures and Reserve Bank of India rules.
Ireda claimed that the promoters had violated the terms of the contract by diluting their shareholdings without the lenders’ consent. As a result, on April 24, Ireda complained to the Economic Offences Wing about the aforementioned issues with Gensol.
RBI Probes E-Wallets After BluSmart Collapse
According to various media reports, India’s central bank is investigating some digital wallets linked to electric vehicle companies after the abrupt demise of the nation’s biggest all-EV taxi service prevented customers from accessing funds linked to their accounts.
The issues encountered by customers of the digital wallet of the app-based ride-hailing service BluSmart led to a review of the payment methods utilised in India’s nascent EV ecosystem.
The incidents brought about by the company’s alleged fraud exposed the absence of protections for customers who deposit funds into so-called closed-loop wallets in order to conduct transactions on apps, particularly those that deal with EVs like charging stations or ride-booking.
According to various published reports, the Reserve Bank of India has started informal conversations with operators of EV charging stations and other app-based EV platforms in order to evaluate potential consumer hazards.
In India’s rapidly expanding digital services ecosystem, so-called closed-loop wallets—app-based payment systems that are limited to use on a single platform—have become widely available. Since the central bank does not actively supervise these wallets like it does open-system wallets under its regulation, they are more susceptible to platform failure.
In April, BluSmart informed customers that it could take up to 90 days to reimburse money after thousands of users who had preloaded money into the wallet to book trips within the city and at the airport were unable to secure a refund or move the money to another location.
According to various media reports, India’s central bank is investigating some digital wallets linked to electric vehicle companies after the abrupt demise of the nation’s biggest all-EV taxi service prevented customers from accessing funds linked to their accounts.
The issues encountered by customers of the digital wallet of the app-based ride-hailing service BluSmart led to a review of the payment methods utilised in India’s nascent EV ecosystem.
The incidents brought about by the company’s alleged fraud exposed the absence of protections for customers who deposit funds into so-called closed-loop wallets in order to conduct transactions on apps, particularly those that deal with EVs like charging stations or ride-booking.
RBI Putting its Strict Scanner
According to various published reports, the Reserve Bank of India has started informal conversations with operators of EV charging stations and other app-based EV platforms in order to evaluate potential consumer hazards.
In India’s rapidly expanding digital services ecosystem, so-called closed-loop wallets—app-based payment systems that are limited to use on a single platform—have become widely available. Since the central bank does not actively supervise these wallets like it does open-system wallets under its regulation, they are more susceptible to platform failure.
In April, BluSmart informed customers that it could take up to 90 days to reimburse money after thousands of users who had preloaded money into the wallet to book trips within the city and at the airport were unable to secure a refund or move the money to another location.
Probable Steps RBI Could Take to Enhance E-Wallet Securities
In the upcoming weeks, the central bank is reportedly considering meeting with the parties. To guarantee that money is safeguarded in the event that a business closes, the bank can suggest requiring escrow arrangements for customer balances, much like those that are necessary for payment aggregators.
According to a media report, another proposal is to apply some aspects of the RBI’s Prepaid Payment Instruments (PPI) guidelines to large-scale closed wallets.
Although the regulator has not yet made a formal decision, any action to tighten regulation of app-specific wallets may have far-reaching effects on India’s digital economy, as platforms mostly depend on prepaid balances to increase stickiness and encourage recurring use.
Gensol Founders Anmol & Puneet Singh Jaggi Step Down
Almost a month after market regulator SEBI prohibited them from holding important roles within the firm, Gensol Engineering Ltd said on May 12 that Anmol Singh Jaggi, the managing director, and Puneet Singh Jaggi, the full-time director, had resigned.
In his letter of resignation, Anmol Jaggi stated that he would be leaving his position as Managing Director of Gensol Engineering Limited effective May 12, 2025, at the end of business hours. Additionally, he announced his resignation in response to the directive issued under the SEBI Interim Order on April 15, 2025.
He would want to use this occasion to express his gratitude to the whole Board, the Management Team, and the Company’s workers for their cooperation and support throughout his tenure.
Almost a month after market regulator SEBI prohibited them from holding important roles within the firm, Gensol Engineering Ltd said on May 12 that Anmol Singh Jaggi, the managing director, and Puneet Singh Jaggi, the full-time director, had resigned.
In his letter of resignation, Anmol Jaggi stated that he would be leaving his position as Managing Director of Gensol Engineering Limited effective May 12, 2025, at the end of business hours. Additionally, he announced his resignation in response to the directive issued under the SEBI Interim Order on April 15, 2025.
He would want to use this occasion to express his gratitude to the whole Board, the Management Team, and the Company’s workers for their cooperation and support throughout his tenure.
SEBI Putting a Tight Scanner on the Firm
Gensol Engineering Limited filed a challenge against the April 15 SEBI judgement, but the Securities Appellate Tribunal did not provide any relief last week. Sebi implemented several strict actions as a result of governance failures, including banning Gensol and its promoters, the Jaggi brothers, from using the securities market until further notice.
The Jaggi brothers were also prohibited from holding any important management or directorship positions inside Gensol. Between FY22 and FY24, Gensol obtained INR 977.75 crore in loans from PFC and IREDA. INR 663.89 crore of the loan was intended to buy 6,400 EVs. However, according to supplier Go-Auto, Gensol acknowledged purchasing just 4,704 EVs for INR 567.73 crore.
Since Gensol was also expected to provide 20% of the equity, the total expenditure should have been INR 829.86 crore, leaving INR 262.13 crore unaccounted for.
Legal Argument Between Sebi and Gensol
Gensol contended at the SAT hearing that the Sebi order was issued without a hearing and claimed that this resulted in a “tremendous loss of business”. The business claimed that its activities were in danger of contract cancellations and possible loan defaults as a result of the freeze on its demat account and the continuing forensic audit.
Sebi retorted that Gensol had deceived investors, lenders, and regulators by forging payback certificates on state-run banks’ letterheads. Ireda and PFC, who have both filed complaints with the Economic Offences Wing disputing that they ever issued any such certificates, backed up these accusations.
An investigation into Gensol and BluSmart Mobility has also been launched by the Ministry of Corporate Affairs.
Inappropriate Usage of Funds
According to the Sebi investigation, money intended for EV purchases was frequently diverted back to Gensol or organisations connected to the Jaggi brothers.
A portion of the money went towards the promoters’ personal needs, including buying a fancy flat, giving money to close family members, and making investments in their own private companies.
According to officials, the corporate affairs ministry has mandated an investigation into the suspected violations of companies law by Gensol Engineering and BluSmart Mobility, two companies that are currently facing a crisis.
In the meantime, it is anticipated that the Institute of Chartered Accountants of India (ICAI) would finish reviewing Gensol Engineering Ltd’s and BluSmart Mobility’s financial accounts within six months. The two companies’ financial statements for the fiscal year 2023–2024 are being examined by ICAI’s Financial Reporting Review Board (FRRB).
According to reports, BluSmart’s current backers, which include BP Ventures and ResponsAbility Investments, intend to provide $30 million (INR 253.64 Cr) to help the electric taxi hailing business get back on its feet.
According to media reports, the money will be in the form of unsecured debt and will assist the business in covering its operating commitments, such as outstanding debts and employee salaries. According to the article, the investment proposal is contingent upon the resignation of co-founder Anmol Singh Jaggi.
Why Brand Shut Down its Operations?
After Gensol Engineering was accused of document falsification, share price manipulation, and embezzlement for personal indulgences by its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, SEBI issued an interim order, which caused the ride-hailing startup to halt operations.
As a result, 10,000 of its drivers lost their jobs. Earlier this month, over 80 of these drivers gathered at Delhi’s Jantar Mantar to express their displeasure and call for government action.
The predicament of BluSmart demonstrates the disastrous effects of governance problems in businesses that need a significant amount of operating money. About 2.5 billion Indian rupees (about $30 million) are still owed to the company, and 8,700 electric cars are left unattended, putting their batteries and other parts at risk of deterioration.
In the Indian startup scene, where businesses frequently put expansion ahead of accountability frameworks, this pattern of governance issues impacting funding and operations is typical. Effective governance is crucial for preserving investor trust, according to research, especially in industries like electric mobility that need constant capital infusion.
Many companies still find it difficult to put strong structures in place early in their lives, despite the 2013 Companies Act’s introduction of provisions to boost governance.
Despite having previously secured a sizable investment, BluSmart’s situation illustrates how governance failures can swiftly lead to operational breakdown, with employees going underpaid and services suspended.
Roadblocks of India’s EV Taxi Market
Data indicates that, notwithstanding BluSmart’s issues, electric taxis have strong operational benefits, with energy costs of INR 0.82/km as opposed to INR 6.50/km for diesel vehicles. These economics contribute to the explanation of the significant future potential of the worldwide EV taxi business, which is expected to increase from $24.59 billion in 2024 to $80.77 billion by 2034.
The problem at BluSmart, however, highlights the extremely narrow operating margins and intricate infrastructure requirements that make EV fleet operations especially susceptible to interruption. BluSmart’s fleet of 8,700 abandoned cars shows how much of its valuable assets are in danger when operations stop, leading to a series of issues that go beyond a simple outage.
For EV fleets to succeed, dedicated charging infrastructure is still necessary. Inadequate infrastructure can lead to operational bottlenecks that can swiftly turn into major failure spots. Indian ride-hailing businesses face significant obstacles as they compete in a market worth $13.4–15 billion, which is still controlled by established players like Ola and Uber.
Evera Cabs, an app-based electric taxi service provider, announced on 5 May that it has begun the process of reclaiming 500 electric taxis that were formerly run by the troubled BluSmart.
According to a statement from Evera Cabs, 220 cars have already been purchased, and the remaining 280 will be reclaimed in the days ahead. With a particular emphasis on airport mobility, the company hopes to strengthen its position as a top provider of electric taxi services, it noted.
According to Evera, “a big chunk of BluSmart drivers” are lining up to join the fleet integration, with 10% of them being women. In order to guarantee service readiness as the fleet grows, about 150 drivers have begun making trips, and recruitment efforts are still underway.
Nimish Trivedi, co-founder and CEO of Evera, stated that the company’s operations are a realignment of the electric mobility narrative in India rather than merely a scale-up. Evera is moving forward with a defined goal as major players reassess, acquiring dependable drivers and tested EV assets to guarantee continuous service on important routes.
Move Aimed at Strengthening Evera’s Presence in NCR
As part of a multi-phase strategic plan to strengthen its position in the highly competitive airport taxi industry in the National Capital Region, Evera announced it had repossessed BluSmart’s taxis through its lenders.
The company announced that it will expand its airport network in the subsequent phase by providing services at all terminals of Delhi’s airport. It previously operated exclusively from Terminal 3, but the integration of new vehicles has enabled full-terminal coverage.
The capital market regulator Sebi banned Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also co-founders of BluSmart, from the securities markets in a case involving fund diversion and governance lapses. As a result, BluSmart, an electric cab-hailing platform, suspended operations in Delhi-NCR, Bengaluru, and Mumbai last month.
BluSmart Drivers Hit the Brakes Over Unpaid Dues
Weeks after the EV ride-hailing company abruptly suspended operations, hundreds of BluSmart driver partners have started protesting throughout Delhi-NCR, calling for compensation and alternative employment.
The drivers, many of whom call BluSmart the best platform they’ve ever used, claimed they were left in the dark about unpaid invoices and received no official word from the company. It is predicted that more than 10,000 drivers in Bengaluru, Mumbai, and Delhi-NCR will be impacted.
The protests follow the Securities and Exchange Board of India’s (Sebi) decision to bar Jaggi brothers from holding board positions and accessing the securities markets due to accusations of document forgery and fund syphoning in their solar EPC company, Gensol Engineering, which is closely associated with BluSmart.
Weeks after the EV ride-hailing company abruptly suspended operations, hundreds of BluSmart driver partners have started protesting throughout Delhi-NCR, calling for compensation and alternative employment.
The drivers, many of whom call BluSmart the best platform they’ve ever used, claimed they were left in the dark about unpaid invoices and received no official word from the company. It is predicted that more than 10,000 drivers in Bengaluru, Mumbai, and Delhi-NCR will be impacted.
The protests follow the Securities and Exchange Board of India’s (Sebi) decision to bar Anmol Singh Jaggi and Puneet Singh Jaggi, cofounders of BluSmart, from holding board positions and accessing the securities markets due to accusations of document forgery and fund syphoning in their solar EPC company, Gensol Engineering, which is closely associated with BluSmart.
Struggle Continues for Driver Partners
According to driver partners, they were previously paid on a weekly basis under a scheme that offered them extra incentives based on customer reviews in addition to INR 8,000 if their weekly profits were above INR 20,000.
Incentives have apparently decreased recently, though, as numerous drivers claim the founders embezzled the funds for their own personal use. A number of drivers informed a media company that they had either not gotten their most recent payments or they had received them late.
Delhi driver Tarisha Kumar, 21, informed a news outlet that the drivers received a notification stating that the vehicles were being detained at hubs for an audit. Nothing since. She also shared her experience of how difficult it is for other platforms to onboard female drivers.
In the capital, BluSmart employed more than 300 female drivers, many of whom are currently having difficulty finding new employment. Male drivers find it simpler, but women, particularly single mothers, are left behind, Kumar continued.
Abandoned Drivers Without Compensation
Nitesh Kumar Das, the organising secretary of the Gig Workers Association, said that the company had left drivers unpaid.
“This is unfair. With their labour, these individuals established the business. A law is necessary to stop this kind of exploitation. There is a lot of financial strain on many driver partners right now, particularly on the ones who were the only earners,” Kumar opined.
One driver from Gurgaon claimed that he is having trouble paying his daughter’s tuition because he does not have a job and is unsure of his future. Since stopping operations, BluSmart has not released an official comment.
BluSmart had more than 10,000 driver partners using the platform prior to its shutdown. Drivers now claim that they are unable to get back in after being logged out of the app. Since April 3rd, drivers have been unable to log in.
The OTP fails to arrive. “They seem to have completely abandoned us,” another driver-partner remarked.
BluSmart wasn’t just a job to many women; it was a pathway to financial freedom. For Amardeep Kaur, a 35-year-old homemaker, driving for the electric taxi-hailing platform was a way to achieve a household’s first kind of meaningful financial freedom. Lasting only six months, it was the kind of job where short, flexible hours allowed her to juggle the kind of domestic responsibilities one might associate with a stay-at-home mom and a hard-earned source of income, with a kind of dignity you might not associate with driving a taxi.
In contrast to the conventional platforms that insist on extended shifts of 12 hours or more, BluSmart presented something quite rare: well-structured training, reasonable hours, and punctual weekly payments. Not only was it a job, but it was a job that allowed women like Kaur and 22-year-old Priya Thakur, who holds it together after her father passed, to find some semblance of independence and the freedom to navigate life, not just briskly in her electric vehicle, but with the luxury of time, the kind of time that is essentially a moment on life’s stage. For Thakur, that stage is an electric vehicle.
Abrupt Closure Sparks Protest
BluSmart’s independence was abruptly curtailed on April 16 when, without warning, it ceased operations, leaving in its wake hundreds of newly minted unemployed who had worked for the all-electric cab company. Just a day prior, Gensol Engineering Limited, a related-party company, had been pulled up by the SEBI for diverting funds and for falsifying documents. The complaint against Gensol alleges that the company’s promoters, who also are the promoters of BluSmart, misappropriated a whopping ₹262 crore that was meant for procuring the electric vehicles that were to be used by the all-electric cab company.
The reactions were quick and strong. On Sunday, close to 50 former drivers from BluSmart assembled at Jantar Mantar in Delhi, crying out for compensation and government intervention. Most of these people had never done this kind of work before, driving for an app, and most of them, now, were out of work, having had their gigs terminate suddenly.
Women Drivers Left Without Options
Women drivers have taken a particularly bad hit from the closure. Many had learned to drive through BluSmart’s free training programs and were dependent on the company’s vehicles. Competing rideshare platforms like Ola and Uber expect their drivers to own the vehicles they drive, to work long hours, and to do so in a largely unregulated environment, conditions that are not safe for many women.
BluSmart is where Shruti Rajput worked for over a year. In detailing her experience, she explained how fast and effective the company’s responses to harassment and vehicle breakdowns were. She praised it for having a level of accountability that, in her view, other vehicle operators didn’t have. She said that without access to anything near as effective, the vulnerability many drivers now feel is real.
One of the protest organizers, Kamil Hussain, who represents Parivahan Morcha, laid out the drivers’ key demands. They seek severance pay equal to three months’ earnings, approximately INR 30,000 per month, and laws that would protect gig workers from being abruptly terminated. The protesters also urged the government to take the electric taxis that haven’t been used and place them into a state-run cooperative model.
Mahendra Singh Dhoni, fondly known as ‘Captain Cool’, has ruled the cricketing world with his sharp instincts and fearless leadership. From winning World Cups to being one of the most celebrated captains, his journey on the field is legendary.
But Dhoni’s story does not end with cricket. Off the field, MS Dhoni has made a name for himself with smart investments across various industries. Always on the lookout for great opportunities, his choices show a passion for growth. From tech startups to rising brands, Dhoni’s investments clearly reflect his forward-thinking approach.
In this article, let’s take a closer look at MS Dhoni’s investments and how the cricket legend is making waves in the business world.
MS Dhoni Investments List
MS Dhoni Invested Companies
Founded Year
Headquarters
Sector
BluSmart Mobility
2019
Gurugram, India
Electric Mobility
Tagda Raho
2021
Karnataka, India
Fitness & Wellness
Rigi
2021
Karnataka, India
Social & Content Monetization
Shaka Harry
2022
Mumbai, India
Plant-Based Food
Garuda Aerospace
2015
Tamil Nadu, India
Drones & Aerospace
HomeLane
2014
Bengaluru, India
Interior Design & Home Décor
7InkBrews
2020
Maharashtra, India
Food & Beverage
Khatabook
2018
Bengaluru, India
Fintech & Digital Payments
CARS24
2015
Gurugram, India
Automotive & Used Car Market
List of Companies Invested in by MS Dhoni
Here is a comprehensive list of Dhoni’s invested companies:
Garuda Aerospace
Garuda Aerospace – MS Dhoni Invested Companies
Mahendra Singh Dhoni first invested in Garuda Aerospace in June 2022, also becoming its brand ambassador. His initial investment amount was undisclosed. In February 2024, he topped up his investment, acquiring a 1.1% stake in the company with an INR 4 crore infusion. This move came ahead of Garuda Aerospace’s planned IPO. The Chennai-based startup, founded in 2015 by Agnishwar Jayaprakash, focuses on agriculture, defence, and industrial drones. Dhoni’s involvement highlights the potential of drone technology in India.
EMotorad
In April 2024, MS Dhoni invested in EMotorad, an electric bicycle startup based in Pune. Founded in 2020 by Kunal Gupta, Rajib Gangopadhyay, Aditya Oza, and Sumedh Battewar. Dhoni’s investment grants him equity in the company, and he also serves as its brand ambassador. This partnership aims to promote sustainable transportation solutions in India.
In November 2023, Dhoni invested in Tagda Raho, a Bengaluru-based fitness startup. Founded by Rishabh Malhotra, the company blends traditional Indian workout equipment with modern training methods. Their equipment and programmes have been adopted by professional teams like Lucknow SuperGiants, Haryana Steelers, and the National Cricket Academy. Dhoni’s involvement aims to revive traditional Indian workouts and promote a healthier lifestyle.
Rigi
Dhoni joined the list of investors in Rigi in January 2023. The Bengaluru-based startup, founded in October 2021 by Swapnil Saurav and Ananya Singhal, helps content creators monetise their communities. Rigi secured INR 100 crore in a funding round led by Elevation Capital, with support from Accel, Stellaris, Sequoia Capital, and others. The company plans to use the funds to expand globally and develop new tools for creators.
Shaka Harry
Shaka Harry is a plant-based protein brand owned by Liberate Foods, a Bengaluru-based company focused on sustainable food alternatives. Founded by Anand Nagarajan, Anoop Haridasan, Hemalatha Srinivasan, Ruth Renitha, and Sandeep Devgan, the brand offers vegetarian alternatives to meat, catering to the growing demand for plant-based diets. In October 2022, Dhoni invested in Liberate Foods to support Shaka Harry’s growth and promote alternative protein choices in India.
7InkBrews
In April 2021, Dhoni became a shareholder and brand ambassador for 7InkBrews, a Mumbai-based food and beverage startup. Founded by Mohit Bhagchandani, with co-founders Adil Mistry and Kunal Patel, the company introduced the Copter7 range of artisanal chocolates and beverages. The brand name and packaging draw inspiration from Dhoni’s iconic helicopter shot and his jersey number. Copter7 products were initially launched in Mumbai, Pune, Goa, and Bengaluru, with plans to expand to other regions.
Khatabook
Khatabook is a Bengaluru-based fintech startup that helps small businesses manage digital ledgers and streamline payments. Founded by Ravish Naresh, Dhanesh Kumar, Jaideep Poonia, and Ashish Sonone, the platform has gained significant traction among MSMEs. It has also received backing from investors like Sequoia Capital and Surge Ventures. In March 2020, Dhoni invested an undisclosed amount in Khatabook and became its brand ambassador to support its growth and expansion.
Cars24
In August 2019, Dhoni invested an undisclosed amount in Cars24, a Gurugram-based online platform for buying and selling used cars. Founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid, and Ruchit Agarwal, Cars24 streamlines the process of selling pre-owned vehicles. Dhoni’s investment includes an equity stake, and he also serves as the company’s brand ambassador. This partnership aims to enhance Cars24’s brand presence and expand its reach across India.
HomeLane is a Bengaluru-based home interiors brand that provides end-to-end interior design solutions. Founded by Srikanth Iyer and Tanuj Choudhry, the company aims to simplify home furnishing with a tech-driven approach. It has expanded across multiple cities, catering to urban homeowners. In August 2021, Dhoni invested in HomeLane and signed a three-year contract as its brand ambassador.
MS Dhoni’s Family Office: Strategic Investments in Emerging Sectors
MS Dhoni’s family office is an active investment entity that manages the personal wealth of the former Indian cricket captain. Operating as a single-family office, it mainly focuses on early-stage investments, particularly Seed and Series A rounds, in Indian companies across various sectors. These investments show a strategic approach to supporting innovative companies that are bound for growth. Below is a summary of notable companies that have received investment from MS Dhoni’s family office:
Date
Company
Location
Sector
Round Details
Round Amount
Co-Investors
Mar 4, 2025
SILA Group
Mumbai
Real Estate
Strategic Investment
Undisclosed
Norwest Venture Partners, SILA Founders (Rushabh & Sahil Vora)
Sep 12, 2024
Centricity
Gurugram
FinTech
Seed
$20 million
Burman Family Holdings, Lightspeed, Ritesh Agarwal (OYO), Paramark VC, Aakash Chaudhry, NB Ventures
BluSmart is a Gurugram-based electric vehicle (EV) ride-hailing company offering sustainable transportation in India. It focuses on reducing carbon emissions by using an all-electric fleet and developing EV charging infrastructure. Dhoni invested in BluSmart in July 2024 through his family office, contributing to an INR 200 crore ($24 million) pre-Series B funding round. The round also saw participation from ResponsAbility Investments, ReNew founder Sumant Sinha, and BluSmart’s existing investors, supporting the company’s expansion and EV charging infrastructure.
End Note
MS Dhoni has invested in a variety of startups across technology, mobility, fintech, wellness, and sustainability. He has backed companies like Garuda Aerospace, EMotorad, Tagda Raho, Khatabook, and more, showing his interest in innovation and supporting India’s growing startup ecosystem.
Some of the notable MS Dhoni-invested companies include BluSmart, Garuda Aerospace, Rigi, EMotorad, Tagda Raho, and more.
Is MS Dhoni an angel investor?
Yes, MS Dhoni has invested in several startups as an angel investor, including Tagda Raho, 7InkBrews, HomeLane, and more.
What industries does MS Dhoni focus on for his investments?
MS Dhoni primarily invests in technology, mobility, fintech, sports, and consumer goods.
Does MS Dhoni own any businesses apart from his investments?
Yes, apart from his investments, MS Dhoni co-owns Chennaiyin FC (Indian Super League team) and has launched his lifestyle brand, SEVEN, focusing on sportswear and footwear.
How much did MS Dhoni invest in Gensol Engineering?
MS Dhoni invested in BluSmart, whose parent company is Gensol Engineering, in July 2024 through his family office, contributing to an INR 200 crore ($24 million) pre-Series B funding round. The round also saw participation from ResponsAbility Investments, ReNew founder Sumant Sinha, and BluSmart’s existing investors.
