Following a regulatory investigation into co-founder Anmol Jaggi’s suspected financial fraud, electric taxi service BluSmart has hired Grant Thornton. According to a media agency report on 23 April, Grant Thornton will perform a forensic audit of BluSmart’s business operations.
The action follows Jaggi’s exclusion from the securities market by the Securities and Exchange Board of India (Sebi) due to allegations that he had misappropriated money intended for the purchase of electric vehicles. According to a media outlet, Grant Thornton will be looking into BluSmart’s financial situation, paying particular attention to how money is moved and used.
The report went on to say that the company’s cash balance looked worrisome and suggested fraud. The auditing firm’s nomination represents the company’s effort to rebuild trust and transparency in the face of growing scrutiny.
How Sebi Detected the Fraud?
When Sebi discovered that Jaggi had allegedly diverted money from his publicly traded company, Gensol Engineering, an EV procurement company that leased cars to BluSmart, for personal expenses, the crisis broke out.
In addition to other indulgences like international travel, golf equipment, luxury goods and payments to family accounts, these included the acquisition of a lavish flat in Gurgaon’s DLF Camellias for INR 42 crore. The alleged fraud stems from a loan of INR 978 crore that was given for the purchase of 6,400 electric vehicles by the state-backed organisations Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency (Ireda).
Only 4,704 were purchased, according to the market regulator’s findings, leaving an INR 262 crore gap that is thought to have been stolen. In India, BluSmart, a new ride-hailing company that competes with Uber and Ola, ran more than 8,000 electric cabs and built a sizable charging network in Bengaluru, Delhi, and Mumbai. It claimed a 9% market share in the capital city in 2023.
BluSmart a Sinking Ship
Numerous senior officials at BluSmart resigned after the scandal at Gensol Engineering. Many users who still had money in their app wallets were left in a state of uncertainty when the company abruptly stopped providing taxi services. The business has made an effort to reassure clients that they will be operational once more.
BluSmart has not yet released an official statement regarding the situation. Important backer BP Ventures, a division of the British energy behemoth BP, had also said nothing about the events. The scope of financial violations should be clarified by the forensic audit, which will also assist in deciding the best course of action for the struggling taxi app.
However, Eversource, a private equity firm, has made an offer to purchase BluSmart for between INR 800 and 1,000 crore. Eversource Capital is a climate-focused investment platform. If the purchase goes through, BluSmart’s last known valuation of $300 million (about INR 2,561 crore) would be at least 60% lower.
According to the media filings, Eversource intends to combine BluSmart with Lithium Urban Technologies, a company in its portfolio, and invest roughly $100 million in the resulting company.
A media report claims that Eversource, a private equity firm, has made an offer to purchase BluSmart for between INR 800 and 1,000 crore. Eversource Capital is a climate-focused investment platform. If the purchase goes through, BluSmart’s last known valuation of $300 million (about INR 2,561 crore) would be at least 60% lower. According to the media filings, Eversource intends to combine BluSmart with Lithium Urban Technologies, a company in its portfolio, and invest roughly $100 million in the resulting company.
Jaggi Brothers to Step-down
According to reports, Eversource wants Anmol Singh Jaggi and Puneet Singh Jaggi, co-founders of BluSmart, to resign from their positions on the board. Following their exclusion from the securities market by the Securities and Exchange Board of India (Sebi). This step was taken due to allegations of capital diversion and fraudulent activities conducted by the Jaggi brothers. Sebi accused the two of misusing money intended for the purchase of electric vehicles for their own personal expenses, such as buying a fancy flat. Following regulatory action, BluSmart suspended operations, causing thousands of drivers to lose their jobs and customers to express worries about ride credit refunds. The accusations of financial impropriety have also resulted in the resignation of other senior officials. Eversource Capital is a climate investing platform based in India that was established in 2018. It is a 50:50 joint venture between Lightsource BP, a worldwide solar energy producer based in the UK, and Everstone Capital, a private equity firm with operations in India and Southeast Asia.
Choosing Luxury Over Business Development
The Jaggi brothers’ use of businesses under their control to divert funds was one of the most humiliating discoveries. Capbridge Ventures, a promoter-affiliated company, was used to channel INR 50 crore of a loan of INR 71.41 crore. From INR 50 crore, INR 42.94 crore was used to purchase an expensive flat in Gurugram’s elite residential complex, The Camellias. Wellray Solar Industries, which is also connected to the promoters, received an additional INR 40 crore from another loan. It was very impossible to determine the money’s actual destination because it was redirected among a number of different companies, including Gensol EV Lease, GoSolar Ventures, and BluSmart Mobility.
These deliberate actions were intended to obscure the audit trail and mislead investors, lenders, and regulators. Even more egregiously, Gensol claimed their loan accounts were in good standing in fake “Conduct Letters” that they sent to PFC and IREDA. After verifying, SEBI discovered that the agencies had not issued any such letters. Rating agencies ICRA and CARE downgraded Gensol’s credit rating to “D”, indicating high default risk and damaged confidence, because this not only broke regulatory standards but also amounted to open fraud.
The electric cab startup BluSmart was once a rising star in India’s green mobility space but has now paused ride bookings. This was after allegations came from the Securities and Exchange Board of India (Sebi) that co-founder Anmol Jaggi diverted money that was intended for buying vehicles. Since its inception in 2018, the company has raised more than INR 4,100 crore and counts some high-profile backers among its investors, including cricketer MS Dhoni, actor Deepika Padukone, and entrepreneur Ashneer Grover.
Operations have suddenly frozen, casting a shadow over the very startup that promised to take on ride-hailing giants like Ola and Uber with an all-electric fleet. Its future now seems uncertain.
Sebi’s Allegations Trigger Fallout
Anmol Jaggi and his brother Puneet Singh Jaggi, who is also in this venture, were barred from holding board positions and from accessing the capital markets. This restriction came when Sebi issued an interim order against these two brothers. According to the capital market regulator, the Jaggi brothers were using the capital they had raised to buy electric vehicles for other, quite different, and far more luxurious, ventures.
Gensol, which rented out electric vehicles to BluSmart, had taken a loan of nearly INR 978 crore from lenders such as IREDA and Power Finance Corporation during the time period between 2021 and 2024. This has led to demands for a much larger investigation into the company’s finances, with Gensol’s narrow financial connections to BluSmart being the center of attention.
High-Profile Investors Caught in the Crossfire
BluSmart’s electric and clean mobility platform lured many well-heeled backers, including Bollywood stars. Deepika Padukone invested USD 3 million through her family office in the venture’s 2019 angel round. Other investors in the round included Sanjiv Bajaj of Bajaj Capital and Rajat Gupta, as well as the JITO Angel Network.
Last year, in a pre-Series B round, the family office of MS Dhoni joined the cap table. Also present were Sumant Sinha of ReNew Power and a firm from Switzerland that manages assets. Another early supporter, Ashneer Grover, disclosed that he invested INR 1.5 crore in BluSmart and another INR 25 lakh in Matrix. However, the Sebi order alleged that misused funds amounting to INR 50 lakh were routed to Grover’s own startup, Third Unicorn Pvt Ltd. If true, this would suggest that Grover was potentially deeper in the scandal than previously thought.
BluSmart notified clients through email that reservations on its platform have been put on temporary hold. The company attributed the decision to internal restructuring. However, the regulatory action against it suggests a far-reaching crisis that could curtail its business for a long while. Once viewed as an emblematic step toward sustainable mobility, the startup now finds itself with an uncertain future.
BluSmart is in an extremely difficult situation as a result of financial mismanagement and other problems. It appears that BluSmart Mobility has begun rebranding their taxis in the midst of the continuous problems. Images of BluSmart taxis being rebranded as Uber Green have recently been made public from Bengaluru. Gensol Engineering-owned BluSmart is presently in negotiations with Uber’s Indian division to lease out between 800 and 1,000 of its electric vehicles as Uber Green taxis. The procedure is already under progress, according to a media outlet, and many BluSmart taxis have already switched to Uber Green livery. The picture that is doing the rounds on the internet actually comes from the airport in Bengaluru. According to a media report, an audit has requested that BluSmart drivers cease taking reservations for the next three to four days. This development makes it apparent that drivers will be asked to work under Uber Green rather than BluSmart following the claimed audit.
Beginning of the Chaos
Gensol Engineering was established by the Jaggi brothers as a construction, engineering, and procurement firm. Together with Punit Goyal, Jaggi founded BluSmart in 2018. Between 2021 and 2024, Gensol obtained loans from government-backed lenders IREDA and Power Finance Corporation totalling around INR 978 crore as part of their expansion ambitions. The goal was to purchase 6,400 electric cars for BluSmart to lease. Nevertheless, SEBI’s investigation revealed that the money intended for EV purchases had been diverted. A total of INR 568 crore was spent on just 4,704 automobiles. The remaining INR 262 crore was discovered to be missing by SEBI. Large amounts of these finances were diverted through a network of connected businesses and ultimately utilised for personal indulgences, such as a luxurious flat in Gurgaon’s DLF Camellias complex, rather than for the purchase of EVs.
SEBI Stepped in to Ban Jaggi Brothers
Following allegations of widespread cash diversion, SEBI has prohibited Anmol Singh Jaggi and Puneet Singh Jaggi, the founders of BluSmart, from participating in the capital markets or holding director positions. Following the announcement, Gensol’s stock price crashed, wiping away investor capital and prompting a forensic examination of the business’s financial records. Top executives of BluSmart have left the company as a result; the CEO, CTO, and Chief Business Officer all quit in late March. For commuters in India, BluSmart was unquestionably a fantastic choice. It differed from Ola and Uber in that it didn’t depend on driver-owned vehicles. The whole fleet was owned and run by BluSmart. This made it easier for them to maintain and charge the system. But this system’s biggest flaw was that it required the business to invest a lot of money in assets (cars). The company is currently getting ready to shut down its own app-based ride-hailing service and switch to working as an Uber fleet partner in light of all these concerns.
According to a media outlet, cash-strapped company BluSmart intends to leave its primary taxi business and become a fleet partner of rival Uber. Nearly six years have passed since the EV ride-hailing firm first joined the market in 2019. A plan to start moving BluSmart’s current fleet to Uber in the coming weeks has been authorised by the company’s owners. According to reports, the change would be implemented gradually, beginning with 700–800 vehicles. The transition’s timeframe is still being decided.
High Rate of Cash Burn-Out
According to reports, the taxi startup spends more over INR 20 crore every month. In addition to outside fundraising rounds, the company has been receiving significant financial infusions from its founders, Anmol Singh Jaggi and Puneet Singh Jaggi. Cash is no longer readily available to invest in the business, according to the reports, because to Gensol Engineering’s severe debt crisis, which was also sponsored by the Jaggi brothers. According to the most recent report, the corporation now intends to return to its original role as a fleet operator. Due to claims of fabricated debt servicing documents and excessive debt levels, Gensol Engineering has come under investigation. Gensol Engineering has started an internal investigation and denies any role in the falsification.
Delays in Salaries, Deals Cancelled Adding More Pain to the Agony
According to various reports, BluSmart Mobility, an electric taxi-hailing firm that is currently experiencing financial difficulties, has postponed its March salary payments. Cofounder Anmol Singh Jaggi promised in an email to the staff that all outstanding debts will be paid by the end of April. Jaggi stated in an email that there will be a little delay in processing salaries because of present cash flow issues. The firm would like to reassure its employees, nonetheless, that all outstanding payments will be paid by the end of April. He said that the company will be releasing pay cheques in stages, beginning with the lowest pay grades and working up, to guarantee equity and consideration for those who might be more affected. BluSmart was established in 2019 by Jaggi and Punit K. Goyal and provides EV ride-hailing services as well as charging stations in Bengaluru and Delhi NCR. In January of this year, it extended its services to Mumbai and maintained a presence in Dubai.
Refex Industries cancelled its agreement with Gensol Engineering to purchase 2,997 electric vehicles a few weeks ago. Gensol EV Lease Pvt Ltd, Gensol’s EV financing division, agreed in January to sell 2,997 EV vehicles—originally leased to BluSmart—to Refex Green Mobility Limited (RGML), a subsidiary of Refex. Before that, rumours circulated that Uber was in preliminary discussions to buy BluSmart, a claim the latter once more refuted. Additionally, it was stated that the startup’s activities in Dubai were shut down in mid-March, and its intentions to expand its services in Saudi Arabia were shelved.
According to various reports, BluSmart Mobility, an electric taxi-hailing firm that is currently experiencing financial difficulties, has postponed its March salary payments. Cofounder Anmol Singh Jaggi promised in an email to the staff that all outstanding debts will be paid by the end of April. Jaggi stated in an email that there will be a little delay in processing salaries because of present cash flow issues. The firm would like to reassure its employees, nonetheless, that all outstanding payments will be paid by the end of April. He said that the company will be releasing pay cheques in stages, beginning with the lowest pay grades and working up, to guarantee equity and consideration for those who might be more affected. BluSmart was established in 2019 by Jaggi and Punit K. Goyal and provides EV ride-hailing services as well as charging stations in Bengaluru and Delhi NCR. In January of this year, it extended its services to Mumbai and maintained a presence in Dubai.
Refex Industries cancelled its agreement with Gensol Engineering to purchase 2,997 electric vehicles a few weeks ago. Gensol EV Lease Pvt Ltd, Gensol’s EV financing division, agreed in January to sell 2,997 EV vehicles—originally leased to BluSmart—to Refex Green Mobility Limited (RGML), a subsidiary of Refex. Before that, rumours circulated that Uber was in preliminary discussions to buy BluSmart, a claim the latter once more refuted. Additionally, it was stated that the startup’s activities in Dubai were shut down in mid-March, and its intentions to expand its services in Saudi Arabia were shelved. According to the reports, BluSmart had a top-level departure as of March of this year. Vice President Priya Chakravarthy, Chief Technology Officer Rishabh Sood, Chief Business Officer Tushar Garg, and Chief Executive Officer Anirudh Arun have all left. Former vice president Nandan Sharma will assume the role of chief executive officer.
Furthermore, it was claimed that BluSmart had defaulted on INR 30 Cr of bonds in early February. Despite this, the company clarified that it is on track to establish a strong brand that is bolstered by strategic development, a greater emphasis on premium offerings, and an expanding user base.
Financial Outlook of BluSmart
So far, BluSmart has raised $180 million through a combination of loan and equity fundraising rounds since its founding. Investors including bp Ventures, Venture Catalysts, Green Frontier Capital, responAbility, and Deepika Padukone are among those who have contributed to these investments. Regarding financial performance, the business stated that its operational revenue increased by about 245% from INR 4.01 Cr in FY22 to INR 13.84 Cr in the year that ended on March 31, 2023. In the meantime, BluSmart reduced its loss to INR 14.89 Cr in FY23, which is over 58% less than the INR 35.37 Cr it lost the year before.
BluSmart Mobility has seen several high-profile exits and is currently going through a significant operational reorganisation to strengthen its financial stability. As per the recent reports in the media, its Vice-President Priya Chakravarthy, Chief Business Officer Tushar Garg, Chief Technology Officer Rishabh Sood, and Chief Executive Officer (CEO) Anirudh Arun have all resigned from their positions. According to the reports, which cited sources, Nandan Sharma, who was previously the Vice-President of Business and Operations, has been named the new CEO.
As Gensol Engineering, BluSmart’s parent business, works to terminate its current lease agreements, the taxi service provider is restructuring its business. Gensol is selling 2,997 electric cars to Refex Green Mobility, a company based in Chennai, as part of this new revamping strategy. These cars, which make up 34% of BluSmart’s 8,700 EV fleet overall, will be leased back to the ride-hailing company. Refex would also take up Gensol’s current INR 315 crore loan. According to the news report, regulatory permissions are still pending for this acquisition. BluSmart has promised that its ride-hailing business will not be impacted by these structural adjustments.
Gensol Engineering: Navigating Through Financial Roadblocks
Given Gensol Engineering’s recent financial failures, the leadership changes occur at a critical juncture. The company’s reorganisation efforts are under much more strain now that two rating agencies have reduced its borrowing status to default. BluSmart has just expanded to Mumbai and now operates in Mumbai, Bengaluru and Delhi-NCR. According to the company, its fleet makes seven trips on average every day and is backed by a network of 50 charging hubs that house more than 6,300 charging stations. Last year, BluSmart launched the ‘BluSmart Assured’ leasing scheme to support its fleet expansion. Through this programme, investors and high-net-worth individuals can lease electric cars straight from the business. The scheme has so far added about 1,000 EVs to BluSmart’s fleet, valued at INR 150 crore.
Present Financial Outlook
In an interview with a prominent media outlet, Anmol Jaggi, the founder of Gensol Group and co-founder of BluSmart Mobility, stated that the company presently brings in INR 70 crore each month, or INR 840 crore annually. Out of the company’s total debt of INR 980 crore, as of March 2025, INR 280 crore is its outstanding net debt. Tracxn data indicates that BluSmart’s revenue in FY23 was INR 70.9 crore, up from Rs 8.1 crore in FY22. But over the same time period, net losses also increased, rising from INR 100.4 crore to INR 215.9 crore. Jaggi has reaffirmed the company’s commitment to becoming profitable in the upcoming “6-8 quarters.”
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
With high fuel prices and global warming becoming a major thing, the era for electric vehicles is here. People aren’t aware and assume that electric vehicles are a recent invention, but in reality, they have been here for many years. The main reason for this thought process is that in recent years, the inventions of these electric vehicles (EVs) are gaining popularity with the right set of technological advancements and innovations.
People are also becoming aware and are considering EVs as potential substitutes for cars with internal combustion engines to cut back on emissions that cause global warming. Today, we can see a lot of countries have introduced electric vehicles as a better substitute to help combat climate change. A lot of people have also started using EVs to keep up with the rising fuels.
You are wondering what is it that makes an EV better than a traditional type of vehicle. This is because as the name says, EVs are powered by electricity. There are more diverse ways to create electricity; for instance, it can be done using fossil fuels, wind, solar, tidal, nuclear, or a mix of any of these.
In India too, the fad for EVs is here in the market today. Having said that, one such company is capturing many eyeballs by introducing 100% sustainable electric rides in the country’s streets. BluSmart is India’s first and leading company that provides all-electric ride-hailing mobility services.
Find out more about BluSmart’s startup story, founders and team, business model, revenue model, growth, competitors, and more.
BluSmart – Company Highlights
STARTUP NAME
BLUSMART
Headquarters
Gurgaon, Haryana, India
Sector
Technology, Information, and Media
Founder
Anmol Singh Jaggi, Punit K Goyal, Puneet Singh Jaggi
BluSmart mobility was founded in 2019 with the aim to offer urban India a ride-sharing experience in a sustainable manner. The company is the country’s first electric shared smart mobility platform that offers efficient, affordable, intelligent, and sustainable mobility.
The Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric, and MG ZS Electric are among BluSmart’s fleet of vehicles as of 2022.
It is commendable to believe that BluSmart has identified itself as the most prominent ride-hailing service as well as a platform in Delhi NCR and Bangalore with several significant achievements, including taking the lead in the all-electric ride-hailing market and creating the largest all-electric fleet and fast charging station network.
BluSmart – Industry
As per IBEF, India’s electric vehicle market is projected to grow at a CAGR of 28.52%, reaching US$ 18.319 billion by 2029, up from US$ 5.22 billion in 2024. Between 2024 and 2029, the market is expected to grow at an impressive rate of 26.05%, with a projected value of USD 110.74 billion at the conclusion of the forecast period. This substantial growth represents a positive trend toward environmentally friendly and sustainable mobility options and reflects the growing acceptance and demand for electric vehicles in India.
BluSmart – Founders and Team
BluSmart Mobility was founded by Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal in 2019.
Anmol Singh Jaggi
Anmol Singh Jaggi – Co-Founder of BluSmart
Anmol Singh Jaggi is the co-founder of BluSmart. Having studied BTech from the University of Petroleum and Energy Studies, he also founded another company called Gensol Group in 2007. With 19 GW of expertise in 14 countries, Gensol Group is a top design, engineering, and project management company for renewable energy. Furthermore, he serves as the Managing Director of Matrix Gas and Renewables Limited, a position he has held since July 2022.
Puneet Singh Jaggi
Puneet Singh Jaggi – Co-Founder of BluSmart
Puneet Singh, a key figure among the founders of BluSmart, is actively involved in leading various companies alongside his role in spearheading the electric vehicle mobility service. Together with his brother Anmol, Puneet co-founded Gensol Group, a prominent player in design, engineering, and project management in the renewable energy sector. In addition to his responsibilities at BluSmart and Gensol Group, Puneet serves as a Director at Solarig Gensol Utilities Pvt. Ltd., a joint venture between Solarig from Spain and Gensol from India.
In 2016, Puneet Singh founded Prescinto Technologies Private Limited, a company that focuses on monitoring, analytics, and field force management using artificial intelligence. This innovative platform seamlessly integrates clean energy plant data with cutting-edge technology to optimize energy generation. Puneet holds a degree in Chemical Engineering from the Indian Institute of Technology, Roorkee, reflecting his strong educational background in the field.
Punit K Goyal
Punit K Goyal – Co-Founder of BluSmart
Punit K Goyal, co-founder of BluSmart Mobility, holds a Bachelor’s degree in Economics from Sydenham College of Commerce and Economics. Before his tenure at BluSmart, he served as the CEO and Founder of PLG Power Limited. Subsequently, he founded PLG Clean Energy Projects. In addition to his leadership roles, Punit actively participates as a speaker at various events hosted by organizations such as CII and IITs. Notably, he also holds the position of Chairman at the Confederation of Indian Industry (CII).
BluSmart – Startup Story
Five friends embarked on an industry-transforming adventure in the fast-paced world of technology. BluSmart’s journey was spearheaded by three brilliant co-founders, including Tushar Garg, who, predating the term “edtech,” co-founded SKEduSoft in 2010 and later ventured into the ride-hailing industry after a stint with Uber India in 2014.
Joining forces with Tushar were Anirudh Arun and Rishabh Sood, forming a robust team ready to tackle the challenges of the ride-hailing sector. Leveraging their Uber vendor expertise, BluSmart launched its first electric vehicle, operating on Uber’s platform from March to November 2019. This hands-on experience provided crucial insights into industry dynamics, exposing both successes and pitfalls.
Despite early challenges, the co-founders entered Bangalore in December 2019 for a pivotal investment pitch armed with newfound knowledge. Confidence in their vision was met with skepticism from a notable venture capitalist, highlighting apparent shortcomings in their presentation.
Undeterred, the tenacious group persisted, unwilling to deviate from their path. Seasoned renewable energy entrepreneur Anmol Singh Jaggi, founder of Gensol Engineering in 2012, and solar industry veteran Punit Goyal, with over a decade of experience, further fortified the team.
The pioneers at BluSmart kept their innovative spirit alive with unwavering determination and a strong belief that their electric journey had just started, despite doubts and suspicions. Little did they realize that their bold efforts would soon revolutionize environmentally friendly transportation, surpassing expectations and bringing in a new era for the ride-hailing business.
BluSmart – Mission and Vision
BluSmart’s services truly speak about its mission, which is, “We are on a mission to steer urban India towards a sustainable means of transportation and to provide them efficient, affordable, intelligent, safe, and reliable mobility.”
The vision of the company says, “With sustainability being at the core of our operations, our vision is to help transform the Indian cities by building a holistic and comprehensive electric on-demand mobility platform.”
BluSmart – Name, Tagline, and Logo
BluSmart Logo
The company’s objective is to decarbonize mobility at scale while preserving simplicity and calm, and this is embodied in the logo’s vivid blue color. BluSmart’s design highlights the company’s dedication to putting people and the environment first, enhancing its standing as an ethical and progressive brand.
BluSmart – Business Model
BluSmart operates on a B2C (business-to-customer) model, providing direct services to end-users. Their business strategy revolves around an asset-light model, with the entire fleet electric cars being leased. These vehicles are sourced from entities such as EESL (Government of India Enterprise) and high-net-worth individuals, showcasing BluSmart’s commitment to sustainability and environmentally conscious mobility solutions.
The diverse fleet offered by BluSmart includes popular electric car models like the Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric, and MG ZS Electric. By embracing an asset-light approach and incorporating a variety of electric vehicles, BluSmart positions itself as a key player in the electric mobility sector, contributing to the shift towards sustainable transportation in India.
BluSmart – Revenue Model
BluSmart’s revenue model is intricately tied to its dual focus on electric cabs and charging facilities. BluSmart uses a business-to-consumer (B2C) business model and receives payment directly from customers who utilize their electric taxi services.
BluSmart carefully includes charging stations into its business plan to enhance its taxi services. BluSmart generates extra income by providing charging services to other owners of electric vehicles in addition to its own fleet. BluSmart’s all-encompassing strategy establishes the company as a major participant in the electric mobility space, advancing environmentally friendly transportation options in India.
BluSmart – Challenges Faced
BluSmart, a newcomer in the industry, faces challenges due to its hub-to-hub business model in India, primarily the shortage of charging stations hindering expansion plans. It is addressing the lack of EV charging infrastructure by installing its charging stations in order to get around this.
In response, BluSmart has implemented strategic measures, such as establishing in-house charging hubs crucial for sustaining the electric fleet. By meeting particular operating requirements, these hubs guarantee effective charging and minimize vehicle downtime. BluSmart’s proactive approach demonstrates their dedication to addressing infrastructure-related obstacles.
In addition to emphasizing physical infrastructure, BluSmart also uses cutting-edge technology. Fleet deployment is optimized via an internal rider and driver matching algorithm, which guarantees effective routes and reduces the possibility of cars running out of fuel. BluSmart improves the dependability of its electric mobility service by utilizing sophisticated algorithms and data analytics.
BluSmart – Funding and Investors
BluSmart has raised a total of $486.3 in funding over 13 rounds.
Here are the funding details:
Date
Funding Round
Amount
Investors
May 23, 2024
Series B
Rs 200 crore
–
Jan 29, 2024
Equity Funding
$5 million
ResponsAbility Investments
Jan 29, 2024
Debt Financing
$20 million
Dec 21, 2023
Series A
$24 million
–
May 4, 2023
Series A
$37 million
–
May 4, 2023
Debt Financing
$5 million
–
Apr 29, 2023
Debt Financing
$75 million
Power Finance
May 24, 2022
Series A
$15 million
BP Ventures, Green Frontier Capital
Mar 24, 2022
Debt Financing
$10 million
Blacksoil
Sep 30, 2021
Series A
Rs 2.5 crore
BP Ventures
Sep 7, 2020
Seed Round
$7 million
Venture Catalysts
Jul 3, 2020
Seed Round
Rs 37 crore
–
Sep 24, 2019
Angel Round
$3 million
Deepika Padukone via Ka Enterprises, Jito Angel Network, Bajaj Capital Managing Director Sanjiv Bajaj and Rajat Gupta
Aug 17, 2019
Seed Round
Rs 15 crore
Jito Angel Network
BluSmart – Shareholding
BluSmart’s shareholding pattern as of December 2024, sourced from Tracxn:
BluSmart Shareholders
Percentage
Anmol Singh Jaggi
19.8%
Puneet Singh Jaggi
5.7%
Punit K Goyal
4.5%
Rishabh Sood
0.3%
Hyderabad Angels
0.4%
Svg Trust
< 0.1%
Kochi Holdings
< 0.1%
Vaillant Capital Partners
< 0.1%
Mlm Ventures
–
BP Ventures
13.3%
Asia Climate Partners
1.9%
Global Founders Capital
1.7%
Survam Partners
1.5%
Mayfield
1.4%
Chhatisgarh Investment
1.4%
LetsVenture
1.1%
Z Nation Lab
0.8%
Kalpavriksh Fund
0.7%
Real Time Accelerator Fund
0.7%
Stride Ventures
0.7%
Moonstone Capital Partners
0.6%
We Founder Circle
0.6%
Angel List
0.6%
Sarcha Advisors
0.4%
100Unicorns
0.4%
Undisclosed Investor
0.4%
Commonwealth Inclusive Growth Services
0.3%
IIFL Wealth
0.2%
Mindsweep Ventures
0.2%
Alteria Capital
0.2%
JITO Incubation & Innovation Foundation
0.1%
Praescio Ventures
0.1%
BlackSoil
0.2%
InCred
0.1%
Kotak Mahindra Bank
0.1%
LC Venture
0.1%
VSS
< 0.1%
SoftBank Group
< 0.1%
KiaOra Ventures
< 0.1%
Faad Capital
< 0.1%
Venture Catalysts
< 0.1%
Trifecta Capital
< 0.1%
Arvog
< 0.1%
Amk Trust
< 0.1%
Mumbai Angels
< 0.1%
Vista Business Ventures
< 0.1%
Kolte Patil Family Office
< 0.1%
Inventus Law
< 0.1%
Logistics Fund India
< 0.1%
SK Capital
< 0.1%
Thirteen Initiatives
< 0.1%
Angel Scions
–
Enterprise
9.6%
Angel
1.3%
ESOP Pool
8.3%
Other Investors
19.3%
Total
100.0%
BluSmart Shareholding
BluSmart – Growth
BluSmart accomplishment of completing 10 million emission-free rides as per news report of November 2023, which cemented its status as a forerunner in India’s electric transportation sector, highlights the company’s exponential growth. The company has accumulated 1 million+ happy customers over 370 million clean kilometers since its founding in 2019, thereby lowering 24,000+ tons of CO2 emissions.
BluSmart, which has around 5,000 electric vehicles in service throughout Bangalore and Delhi NCR, has quickly established itself as a leading example of environmentally sustainable urban mobility.
At the same time, BluSmart has shown significant expansion, reaching an average revenue run rate (ARR) of Rs 400 crore as of August 2023, as per news report of September 5, 2023, a noteworthy rise of approximately 60% from the previous fiscal year FY22.
On January 8, 2024, BluSmart Mobility made headlines when it unveiled a novel pricing system that differentiated between ‘rush hours‘ and’relaxed hours.’ In keeping with BluSmart’s overarching plan to differentiate itself from industry heavyweights Ola Cabs and Uber, this two-tiered strategy places affordability during “relaxed hours” as a top priority. Along with a focus on greater services, transparency, and eco-friendliness, the program stands out for not charging surge prices.
This important achievement places BluSmart as a leader in advancing environmentally friendly transportation methods in addition to changing the conventions surrounding traditional commuting. The company’s steadfast dedication to providing trips free of emissions has allowed it to grow and set the standard for environmentally friendly transportation in India going forward.
BluSmart – Financials
BluSmart has seen rapid revenue growth in recent years, increasing from INR 4.2 crore in FY20 to INR 70.9 crore in FY23. However, the company remains loss-making, with a rising cost structure impacting profitability.
Particulars
FY23
FY22
FY21
FY20
Revenue
INR 70.9 crore
INR 8.1 crore
INR 9.2 crore
INR 4.2 crore
Expenses
INR 286.8 crore
INR 108.4 crore
INR 48.7 crore
INR 20.9 crore
Profit/Loss
INR -215.9 crore
INR -100.4 crore
INR -39.5 crore
INR -16.7 crore
BluSmart Financials
BluSmart Revenue Breakdown
Revenue Source
FY23
FY22
Revenue from operations
INR 57.3 crore
INR 3.8 crore
Other income
INR 13.6 crore
INR 4.3 crore
Total Revenue
INR 70.9 crore
INR 8.1 crore
Revenue grew nearly 9x in FY23, driven by a sharp rise in operational revenue from INR 3.8 crore to INR 57.3 crore.
BluSmart Expenses Breakdown
Expense Type
FY23
FY22
Operational Costs
INR 67.7 crore
INR 17.5 crore
Employee Benefit Expense
INR 40.2 crore
INR 15.1 crore
Finance Costs
INR 59.3 crore
INR 43.5 crore
Depreciation & Amortisation
INR 102 crore
INR 22.6 crore
Other Expenses
INR 17.6 crore
INR 9.7 crore
Total Expenses
INR 286.8 crore
INR 108.4 crore
Expenses surged, with depreciation and finance costs being the biggest contributors to the increase.
Quick Summary
Revenue Growth: BluSmart’s revenue increased nearly 9x in FY23, indicating strong business expansion.
Rising Expenses: Expenses nearly tripled in FY23, primarily due to depreciation and financing costs.
Profitability Pressure: Despite growth, BluSmart’s losses more than doubled, highlighting the need for cost optimization.
BluSmart – Services
Customers who are looking to ride with BluSmart can avail of the services through BluSmart’s app built for both Android and iOS users. Just like how Uber, Ola, and Lyft offer their customers to purchase a ride and users can find the same method in the BluSmart app as well.
Services provided by BluSmart
The main services provided by BluSmart are shared rides for users, hourly basis rentals, and airport pick and drop-off services. The services are operational Delhi NCR and Bangalore.
It also offers services for drivers who want to drive their EVs at zero ownership cost. Other services provided to drivers are:
Chance to drive premium electric sedan
Up to Rs 2 lakh in free accidental insurance
Incentives based on performance
Weekly earnings
Flexible working hours
BluSmart – Partnerships
BluSmart started by teaming up with Mahindra & Mahindra Ltd. in 2019. The joint venture has 70 Mahindra eVerito sedans in and around Delhi NCR, including Noida, Gurgaon, Ghaziabad, Faridabad, and Greater Noida.
In 2021, BluSmart partnered withReliance Industries. through its joint venture, Reliance BP Mobility Ltd. The partnership is meant to increase BluSmart’s fleet size and offer its services outside Delhi NCR.
A spokesperson from the company has said, “Through this partnership, both companies will collaborate in planning, development, and operation of EV charging infrastructure, at suitable locations across cities where BluSmart operates.
With the first-phase roll-out will be in the National Capital Region, these EV charging stations will be capable of accommodating a minimum of 30 vehicles at each station and will be concentrated in urban areas.”
BluSmart has entered into a strategic partnership with Inframantra in May 2023, a real estate firm specializing in enhancing the value of commercial and residential properties through their expertise.
The company forged a partnership with MG Motor India in June 2023 to incorporate the MG ZS EV, a battery-electric SUV, into its electric cab fleet operating in the country. The order placed amounts to 500 units of these electric SUVs.
BluSmart – Advertisements and Social Media campaigns
BluSmart Campaign
BluSmart expresses its sincere gratitude to the #DriversOfChange on World EV Day on September 9, 2023, recognizing their combined efforts in achieving over 270 million clean kilometers and a reduction of over 20 million kilograms of CO2 emissions. This anniversary film highlights the people driving the electric vehicle (EV) revolution instead of only focusing on the technology side of things.
The campaign highlights the crucial role that these committed driving partners play in the EV movement by highlighting the human side of it. It highlights the association’s transforming power on their lives in addition to celebrating their crucial role in BluSmart’s success.
BluSmart plans to significantly grow its fleet by adding thousands of electric vehicles across India, with an expansion into more cities, including Mumbai. The company is also focused on expanding its EV charging network and aims to raise over $300 million in the next three years to fund these initiatives. BluSmart’s mission is to drive large-scale decarbonization of mobility and contribute to a greener future.
BluSmart is establishing itself as a major player in the changing world of environmentally friendly and sustainable transportation with this step, which highlights the company’s strategic reaction to the ride-hailing industry’s growing emphasis on EVs.
FAQs
Who is the founder of BluSmart?
Anmol Singh Jaggi, Punit K Goyal and Puneet Singh are the founders of BluSmart.
What is BluSmart?
BluSmart is an all-electric ride-hailing and EV charging company in India. It offers sustainable, zero-emission cab services and operates its own fleet of electric vehicles (EVs).
When was BluSmart founded?
BluSmart startup was founded in 2019.
What does BluSmart do and how does BluSmart work?
BluSmart is an electric ride-hailing and EV charging company in India. It provides app-based, zero-emission cab services with its own fleet of electric vehicles (EVs) and operates EV charging stations for both its fleet and third-party users.
What is BluSmart business model?
BluSmart operates on an asset-heavy, all-electric ride-hailing model. It owns and operates EV fleets, providing zero-emission rides through its app. Revenue comes from ride bookings and EV charging services. Unlike Ola/Uber, it doesn’t rely on driver-owned vehicles, reducing variability in service quality.
Who owns BluSmart?
BluSmart was co-founded on 14 January 2019 by Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal.
Rishabh Sood, co-founder and CTO of BluSmart discusses his founder journey, building a sustainable business and adoption of EVs with host Gautam Srinivasan.
Over the past decade, the Indian Startup Ecosystem has undergone an exceptional evolution, surfacing as a vibrant and dynamic landscape for entrepreneurs. India is hosting a plethora of startups ranging from tech-driven to those focused on social impact and sustainability.
The “Crafting Bharat – A Startup Podcast Series” powered by AWS, and an initiative by NewsReach, in association with VCCircle, unlocks the secrets behind these successful entrepreneurs’ journeys aiming to equip aspiring entrepreneurs and business enthusiasts with invaluable insights. The podcast series is hosted by Gautam Srinivasan, famed for hosting a diverse range of TV and digital programs, currently consulting editor at CNBC (India), CNN-News18, Mint, HT Media, Forbes India, and The Economic Times.
India’s rapid urbanization is contributing to rising pollution levels, but visionary founder Rishabh Sood, co-founder and CTO of BluSmart is revolutionizing the ride-hailing sector with electric vehicles (EVs). In the Crafting Bharat Podcast Series, Sood talks about his founder’s journey, building a sustainable business, and adoption of EVs.
Explore the tales of Indian startup founders’ transformation from dreams to reality, navigating challenges to seize opportunities through the Crafting Bharat Podcast Series.
How did you scale up but remain close to your customers in identifying their pain points, and, once you solve those issues, how do you keep the product relevant?
The idea is that when you scale you need to do things which do not scale. Many companies do this when they scale, they start looking at customers as the data points. They will make pie charts and try to figure out why their customers are unhappy, we also did that but what we also did was to always try to maintain our ground connect, so, we would become customer support agents for a day and receive customer complaints, feel the pain & anger, and empathize with them. This is what helps us to stay relevant, we physically go through individual complaints. The idea is to capture the emotion. When you start looking at the suggestions or feedback as data points and in pie charts, you lose the emotion out of it.
You could iron out the issues with a unique full-stack playbook that learnt from degraded user experiences of your competitors due to their asset-light models and resolve these issues to create a WOW experience while onboarding and retaining customers?
If we built the same tech, built an aggregator model or if we get driver partners with their own cars then we will land up with the same problem, so, we fundamentally changed the business model and built the technology for it. And that is what helped us to figure out that we need to have the cars in our control, that way we can make sure that the condition is extremely good and well maintained. The schedule model was also a game changer for us and the reason for us to do a schedule model was because you cannot do a real-time ride with 70 cars.
How is AWS enabling BluSmart to power up its backend to overcome issues around quick ride-matching, zero downtime, etc., and save operational costs while supporting your net-zero ambitions?
AWS has been a trusted and supportive partner for us right from day one. We’ve built a lot of technology and machine learning algorithms for our scheduled ride model wherein we were able to make sure the car reaches on time. 97% of our rides are reaching in time with zero cancellations. We had to predict time required for a ride during different times of the day for which we built out machine learning models which we are running on the AWS infrastructure, and it’s been running smoothly.
Segment 2: The Accelerator
What’s the one lesson from BluSmart’s relatively slow expansion strategy that startup founders can learn from?
We started with Delhi and today we have 7000 cars spread across just two cities; Delhi and Bangalore but these are big markets. I would say if you’re able to succeed in Delhi then there is no reason why you will not be able to go to any other city and succeed. That’s what you need to do, even when you are going slow you need to build things with scale.
What’s the best mantra to maintain long-lasting co-founder relationships?
I think what it really boils down to is trusting each other and having confidence in the ability of each other but at the same time you need to question and push each other as well. You need to maintain that balance of trusting but also really push and ask questions.
India’s startup ecosystem is undergoing a significant transformation as the motivated founders lead with exceptional innovation. The passion and vision of the entrepreneurs is keeping the Indian startup ecosystem in motion.
Stay tuned to the Crafting Bharat Podcast Series as they bring you these inspirational entrepreneurs for insightful and candid discussions with Gautam Srinivasan.
Climate change has just become a real thing as well as a major concern as a result of unforeseeable events. Climate change is accelerating every year as a result of Greenhouse gas emissions (the burning of fossil fuels, methane, and carbon dioxide to generate energy consumption) and external activities conducted by industries (polycarbonate pollution, accelerated electric power, deforestation for paper manufacturing, oil drilling, transportation, and other acts). All this is causing wildfires, a sudden sea-level rise, ice mass loss in Greenland, Antarctica, and the Arctic, and melting of glaciers.
So, to help save the environment to a certain extent many sustainable startups are emerging. These startups work on the principles of sustainability and also encourage people to take the road towards sustainability. In this article, we will go through the top sustainable startups in India.
Nowadays there are several startups that contribute to protecting the environment by developing sustainable brands and manufacturing eco-friendly products. The following are the top sustainable startups in India:
Leading Factors Encouraging Consumers to Buy More Sustainable Products Worldwide 2021
Ather Energy
Founded: 2013 Founders: Tarun Mehta and Swapnil Jain Headquarters: Bengaluru
Ather Energy – Sustainable Startups in India
Ather Energy is a Bengaluru-based startup, founded by Tarun Mehta and Swapnil Jain in 2013 that manufactures electric vehicles intending to reduce air pollution. The two friends wanted to redefine the automobile sector by introducing electric scooters that are powered by AI and IoT, which navigates smooth rides, making our lives experience seamless. The company has established over 350+ charging stations across 38 cities in India named ‘Ather Grid’. The company received a lot of laud in its funding stage, which helped them to expand its manufacturing facilities in the development, testing, production, and launch of the vehicle.
Phool
Founded: 2017 Founders: Ankit Agarwal and Prateek Kumar Headquarters: Kanpur
Phool – Sustainable Startups in India
A Kanpur-based biomaterials startup was established in 2017 by Ankit Agarwal and Prateek Kumar. The company uses dumped flowers from temples and recycles them into something useful like incense cones, incense sticks, and Phool vermicomposting. Ankit and Prateek realized that damaged flowers from temple waste management might cause environmental concerns as they contain pesticides and insecticides. The company comes up with ingenious packaging- Florafoam, a high-performing, mouldable and durable material, which is purely made up of flower recycling.
One of the leading solar rooftop companies in India is ZunRoof, which makes personal energy consumption better, cleaner, and more affordable for every Indian consumer. ZunRoof was founded in 2016 by Pranesh Chaudhary and Sushant Sachan and is headquartered in Gurugram, Haryana. Presently, the company has installed over 10,000 plus residential solar rooftops and has 30,000 + designed systems across India.
Yulu
Founded: 2017 Founders: Amit Gupta, Naveen Dachuri, RK Misra and Hemant Gupta Headquarters: Bengaluru
Yulu – Sustainable Startups in India
Yulu is a Bengaluru-based technology-driven micro-mobility platform that enables integrated urban mobility across public and private modes of transport. The company was started in 2017 by Amit Gupta, Naveen Dachuri, RK Misra and Hemant Gupta. The company is renowned for eco-friendly transportation providers with an intent to make urban mobility in India sharable, seamless, and sustainable by using IoT, AI, and machine learning for demand-supply management and efficient operations.
Boss Lady Cosmetics – Sustainable Startups in India
It is one of the most prominent vegan, cruelty-free, and sustainable cosmetic brands that offer natural makeup products. Kajol Bafna, the founder defined ‘Boss Lady’ as anyone who goes against society’s patriarchal beliefs in achieving their dreams. This is why the brand gives you the feel of who you are by giving a voice to your style and empowering you with tools you can choose to express who you are. Kajol implemented her ideology by defying the stereotypes across gender, body, skin, colour, and beauty in the Indian cosmetics industry, ultimately delivering a free- space for self-expression.
BluSmart
Founded: 2019 Founders: Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal Headquarters: Gurugram, Haryana
BluSmart – Sustainable Startups in India
BluSmart is a Gurugram-based startup and India’s first all-electric ride-sharing mobility platform that is known for its efficiency, sustainability, affordability, and intelligent mobility. Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal founded BluSmart in January 2019, and following the month, the company launched its first EV vehicle along with the partnership company Mahindra & Mahindra. BluSmart became a well-renowned mobility platform for accreditation on carbon emission. In 2022, Tata Motors signed a memorandum of Understanding with BluSmart to manufacture 10,000 EVs and also partnered with Jio-BP in establishing its charging infrastructure across the country.
Making our Nation a zero-plastic is becoming an upstanding challenge, that’s why Banyan Nation founder- Mani Vajipey came up with the idea to recycle industrial plastic into a better quality plastic than virgin plastic. Banyan Nation became the country’s first vertically integrated plastic recycling company. The brand uses eco-friendly detergents in cleaning plastic which removes detrimental contaminants to supply near-virgin quality plastic. Moreover, it is the first company to use cloud and IoT to integrate thousands of informal sector last mile collectors into its supply chain to recover post-consumer as well as post-industrial plastic waste.
Just Organik
Founded: 2013 Founders: Pankaj Agarwal and Richa Agarwal Headquarters: Delhi
Just Organik – Sustainable Startups in India
A certified organic food manufacturing & selling brand, Just Organik wants to make safe and healthy organic food more accessible to the consumer. It also aims to create sustainable wealth for the farmers by motivating them to adopt organic farming practices in India. Pankaj Agarwal started this business in the basement of his house in 2013 and now owns 2 major branches across the nation along with a processing unit based in Delhi. The startup’s tagline ‘a walk towards a healthy future’ focuses on supplying chemical-free, 100% natural ingredients, healthy, affordable, and tastier food than your regular food.
This sustainable startup is known to develop sustainable and biodegradable products made with bamboo and cornstarch. Aditya Ruia, Anuj Ruia and Akshay Varma founded the startup in 2017. The startup aims to reduce the usage of plastic products and also offers alternatives to single-usage products like tissues, cotton balls, and more. It offers a wide range of products for home and personal care and makes sure to use only recycled paper for packaging, thereby reducing the use of plastic.
Another Indian sustainable startup on the list is Nexus Power. The startup is a manufacturer of biodegradable batteries that are designed to power electric vehicles. The company makes use of unburnt crops for manufacturing rechargeable energy-storing cells. This helps to prevent air pollution, as unburnt crops are one of the major sources of it. Nishita and Nikita Baliarsingh founded the startup enabling people to use eco-friendly and sustainable batteries.
Waste Venture India
Founded: 2012 Founders: Roshan Miranda, Parag Gupta, and Rob Whiting Headquarters: Hyderabad
Waste Venture India – Sustainable Startups in India
It is reported Urban India produces about 42 million tonnes of municipal solid waste per annum, which is not good for the environment. As rag pickers are getting affected seriously while picking up waste that is very dangerous like sanitary napkins, used medico synergies, and other plastic waste. On top of that, they are getting paid very low for what they’re doing for the country’s waste management. That’s when Roshan Miranda, Parag Gupta, and Rob Whiting wanted to reduce the country’s trash rate as well as create a safe environment for ragpickers by providing fair wages. They launched ‘Waster Venture India’ in 2012 to provide end-to-end solutions to bulk waste generators. Also offers professional waste collection and processing services to households and corporate clients while creating employment opportunities for waste pickers.
It is one of India’s largest tech-enabled EV-as-a-service platforms, that renders eco-friendly delivery fleet solutions. You would have noticed that food or grocery delivery partners drive in a green electric scooter with Zypp’s brand name on it. Akash Gupta and Rashi Agarwal worked together to build an eco-friendly and carbon-free India by using a network of Electric Vehicles and EV-based tech to make last-mile transportation sustainable and emission-free. Furthermore, Zypp Electric intends to provide carbon-free last-mile delivery for independent retailers, eCommerce giants, and delivery executives, reducing delivery costs and emissions on an asset-light approach.
Bombay Hemp Company – Sustainable Startups in India
BOHECO is an agro-based enterprise established in 2013 that brings out healthy products from industrial loops of hemp and cannabis plants. A single cannabis plant could bring healthy food, quality clothes to wear, and ropes that tie strongly and also brew ayurvedic remedies. The startup made good use of sustainable hemp in manufacturing textiles, building materials, and medicines for health and wellness.
If I say that one company produces food from the superfood- Jackfruit, would you believe me? Yes, there is a goa-based company that goes by the name ‘Wakao Foods’ that produces food from the tasty and Panruti’s famous fruit aka ‘Jackfruit’. Sairaj Dhond founded this sustainable startup by offering plant-based as well as ready-to-cook products. Wakao Foods is becoming a Pan India brand by delivering its products on e-marketplaces like Flipkart, Amazon, and others.
It is an environmentally sustainable brand which provides the taste of traditional cuisine and international fast food in a vegan version. Moreover, the first company to make vegan chicken alternatives such as vegan chicken tikkas, curry bowls & biryani that are loaded with mock chicken crispier. Ergo, Abhishek Sinha the founder of GoodDot wanted to make a big difference in omnivore diners by creating a plant-based trend on chicken & meats. In 2019, the startup has been recognized as the best vegan restaurant of the year.
Conclusion
The above-mentioned startups have made a difference in the world by adopting an environmentally safe method that helps to improve the environment and people’s lifestyles. These startups work on the principle of sustainability and also encourage people to walk toward the path of a sustainable lifestyle.
FAQs
What is a sustainable startup?
A sustainable startup refers to a startup that involves the development of products and services for fulfilling the needs of the present generation without hampering the future generation’s ability to fulfil their needs.
Who is the owner of Imagine meats?
Imagine meats is a plant-based food venture owned by the famous Bollywood couple, Genelia and Riteish Deshmukh.
Is waste management part of sustainability?
Efficient management of waste, water and energy are all parts of sustainability.
