BoAt co-founder Aman Gupta, who serves as a Shark Tank India judge, voiced his opinion about the BluSmart fraud scandal by stressing the necessity of ethical conduct combined with good governance practices as well as green business operations. Gupta’s explosive post on X (formerly Twitter) sparked widespread attention while describing the situation as an essential alert for the Indian startup system.
The BluSmart scam, which emerged from Gensol Engineering Ltd., involved misdirecting money worth ₹262 crore that should have been used for electric vehicle procurement. The money was misappropriated to buy a ₹42.9 crore apartment located in Gurugram. The operational shutdown of BluSmart coupled with Gensol Engineering Ltd.’s stock value decreasing by 90% has activated considerations about corporate ethical standards and financial disclosures in the startup realm.
Aman Gupta didn’t mince words. Reflecting on the widespread impact, he wrote:
“Investors lost money, founders lost years of hard work, employees lost stability, and customers lost a service they genuinely loved.”
Drawing from personal values, he added a poignant reminder:
“Bachpan mein jo parents ne sikhaya tha—jo bhi karo, dil se karo. Par galat na karo.”
(Never forget what your parents taught you—do everything with heart, but never do wrong.)
The foundation stones for long-term success include compliance together with clean books in addition to timely audits and transparent reporting, according to Gupta. The current push among startups to obtain rapid growth and investor funding receives important validation from his stance that governance stands equally important to vision development.
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A Lesson for All Entrepreneurs
The ongoing BluSmart controversy continues to resonate within the entrepreneurial community after Gupta posted his thoughts. Founders of startups must possess strong EQ and IQ along with GQ (Governance Quotient), according to Gupta, because thorough inspections should extend beyond financial aspects to include cultural evaluation and operational oversight.
“Let’s build not just fast, but right.”
