In a significant revelation, Mandar Shrikant Joshi, a key early advisor to BluSmart, India’s pioneering electric ride-hailing company, has spoken publicly for the first time about his role in shaping the startup’s formative years and why he believes its current troubles were avoidable.
Joshi, who co-founded M Strategy Global along with Dr. Ahmed Al Zubeidi, detailed how his advisory firm, headquartered in Dubai with offices in Riyadh and Jeddah, consulted BluSmart founders Anmol Jaggi and Punit K Goyal between 2019 and 2021 on critical aspects including strategy, management, investment, and finance.
“Anmol and Punit were extremely smart. No question about that,” Joshi wrote in a candid LinkedIn post. “They had immense technical knowledge about electric mobility and were perfect with numbers always able to break down revenue streams, cost structures, profitability and deep dive into the financials.”
The BP Investment Breakthrough
In 2020, under Joshi’s stewardship, M Strategy Global introduced British oil major BP Ventures to BluSmart, helping negotiate a crucial private equity investment deal. That introduction ultimately led to BP Ventures leading a $25 million Series A investment round into BluSmart a major validation at the time for the fledgling Indian EV startup.
Joshi takes pride in arranging BluSmart’s entry into Dubai in 2021, facilitating a partnership with the Roads and Transport Authority (RTA), which allowed BluSmart to commence operations in the Middle East. These Dubai operations, however, were quietly stopped recently, joining the long list of problems confronting the startup.
Turning Point: 2022 and Beyond
Despite these early successes, Joshi revealed that by 2022, a change had become apparent. “They gradually stopped listening to me,” Joshi said. “As the ecosystem glorified them and they became superstars of India’s EV revolution, their attitude and behavior changed.”
The professional relationship ended thereafter, he added.
BluSmart’s Recent Troubles
Joshi’s comments come at a delicate time for BluSmart. Once hailed as a model for sustainable mobility, the company has recently struggled with operational shutdowns, funding concerns, and mounting doubts among its investors and customers.
The Dubai retreat is only the latest in a string of setbacks, raising questions about the company’s expansion strategy, cash burn, and leadership decision-making.
A Hopeful But Stark Message
Despite the evident tensions, Joshi expressed a tone of cautious optimism: “I sincerely hope BluSmart comes out of the present mess. Investors get their money back. Employees get their jobs back. Clients get their service back. And the founders get their credibility back,” he said.
He also shared a video testimonial recorded during 2020 when relations between him and BluSmart were still cordial as part of his LinkedIn post.
The Bigger Picture
The disclosure offers a rare inside look at the making and possible unmaking of one of India’s most closely-watched electric mobility startups. It also underscores a familiar pattern in the startup ecosystem: how rapid success can sometimes breed insularity, hubris, and strategic missteps.
Also Read: Sabeer Bhatia Warns Against Media Trials Amid BluSmart Allegations
