Third Unicorn Pvt Ltd, the latest startup founded by Shark Tank India judge and former BharatPe co-founder Ashneer Grover, has come under scrutiny following revelations of investment from Anmol Singh Jaggi, promoter of Gensol Engineering Ltd—a company currently being investigated by the Securities and Exchange Board of India (SEBI) for alleged financial irregularities.
According to SEBI’s interim order dated April 15, 2025, Jaggi’s ₹50 lakh investment in Third Unicorn was part of a wider network of questionable financial transactions involving entities linked to Gensol. The order specifies that Jaggi purchased 2,000 shares in Grover’s venture and continued to hold them as of March 31, 2024.
Ashneer Grover Responds to Allegations
In a post dated April 17, Ashneer Grover responded to the emerging controversy, emphasizing his role as a victim in the situation rather than a wrongdoer.
“I am the victim of the current scenario, having personally invested ₹1.5 crore in BluSmart and ₹0.25 crore in Matrix,” Grover stated on Twitter. “A private limited company is not liable for the conduct of shareholders or for verifying their source of funds,” he added.
Grover also expressed hope that the companies involved can survive the ongoing regulatory scrutiny, citing the broader interests of stakeholders and employees.
A Shared Vision to Disrupt Ola and Uber
Grover and Jaggi’s business relationship extends beyond this investment. In early 2023, following the release of his bestselling memoir Doglapan, Grover gifted Jaggi a personally signed copy of the book.
The handwritten message in the book read:
“To Anmol Jaggi. I get along fabulously with Sardar Jees. Jaspal Bindra ke saath PMC Bank bachaya. Tere saath Ola + Uber ko beat karna hai. Think and do big.”
The message referenced Grover’s past collaboration with Jaspal Bindra, former head of Standard Chartered India, in connection with efforts to revive PMC Bank, and laid out his ambition to partner with Jaggi in disrupting India’s ride-hailing market.
Jaggi’s Role in BluSmart and Industry Ambitions
Anmol Singh Jaggi is also the founder and CEO of BluSmart, an electric vehicle (EV)-based cab service aimed at competing with Indian mobility giants Ola and Uber. Grover had earlier expressed interest in collaborating with Jaggi to challenge these incumbents and reshape the urban mobility landscape.
Jaggi shared Grover’s signed book on LinkedIn, writing:
“Ashneer Grover bhaiya, thanks for the personally signed copy of your book. Super proud to be on your friend list. Getting wisdom from you is key to success.”
SEBI’s Ongoing Investigation into Gensol Engineering
SEBI’s probe into Gensol Engineering Ltd, led by Jaggi, focuses on alleged financial misappropriation and fund diversion. While the investigation is ongoing, investments involving Jaggi are now under increased regulatory attention.
The SEBI order places Jaggi’s financial links—including those to BluSmart and Third Unicorn—under the spotlight, raising concerns about transparency and due diligence in India’s booming startup ecosystem.
