Aman Gupta, Co-founder and CMO of boAt lifestyle, has thoughtfully responded to the recent challenges faced by BluSmart, terming the situation a “much-needed reality check” for the Indian startup ecosystem. In a LinkedIn post, Gupta reflected on the multiple layers of impact while emphasising the importance of ethics, compliance, and resilience.
Acknowledging the challenging situation, Gupta empathised with all parties affected: investors, founders, employees, and customers. “I know what it feels like,” he wrote, noting that investors lost money, founders lost years of effort, employees faced instability, and customers were disappointed, especially those with pending balances in their BluSmart wallets.
However, Gupta highlighted a deeper concern: the dent in trust within the startup community. “You’ll now hear: ‘Yaad hai BluSmart ke saath kya hua tha?!'” he remarked, underlining how such incidents can leave long-lasting impressions that may impact future entrepreneurial and investment decisions.
Still, he struck an optimistic note about the resilience of India’s startup landscape. Drawing parallels with global corporate failures, Gupta stressed that what truly matters is how the ecosystem bounces back. “The Indian startup ecosystem is resilient. We always rise stronger. And we will this time too,” he affirmed, adding the Indian flag emoji đŸ‡®đŸ‡³ in his post.
For founders, Gupta emphasized that compliance and ethics must be seen as fundamental pillars rather than mere formalities. Reflecting on his background as a Chartered Accountant, he stressed the significance of “clean books, timely audits, and transparent reporting” traditionally viewed as “not-so-cool tasks”, in ensuring business sustainability.
Sharing a personal lesson from his upbringing, he wrote: “Jo bhi karo, dil se karo. Par galat na karo,” meaning “Whatever you do, do it with heart. But don’t do wrong.” Gupta urged startup leaders to pay attention not only to financial diligence but also to cultural, operational, and ethical aspects of running a company.
He concluded by reinforcing the need for a balanced approach: building companies not just fast, but right. “Your vision matters. Your growth matters. But how you build matters just as much,” Gupta emphasized, rallying the ecosystem to learn and evolve through the current crisis.
Also Read: Ashneer Grover Calls Himself Victim Amid BluSmart SEBI Probe
