The rise and fall of serial entrepreneurs

This is not the first time that a company founded by brothers Anmol Jaggi and Puneet Jaggi has faced shutdown.

- Shreya Jai

The duo, now in the news for fund diversions at Gensol Engineering for personal use and halting the operations at BluSmart without notice, began their startup journey sometime around 2007. Like serial entrepreneurs, they have ventured into rising business segments, and shut or sold them when faced with headwinds before moving on to greener pastures.

The web of companies they created has now come to haunt them, especially when their latest creation, BluSmart—electric cab service—was just catching the public eye and the Jaggis were walking into stardom.

The brothers, with a two-year age gap, look strikingly similar. They love to cite their army upbringing. Their father, Late Lt General PS Jaggi, was a decorated officer of Army Air Defence. VVIPs, including some of the top ministers, attended his last rites in 2018.

In recent years, Anmol and Puneet have almost always been seen sporting bright sky blue pagg (turban). A white T-shirt with BluSmart logo was another trademark common to the brothers while making public appearances. They also made it a point to drive around in their electric cab. In other words, they wore the brand on their sleeves. Be it an interview or a panel discussion, the Jaggis displayed a gift of gab, making tall promises and bold commitments.

Gensol was the first company founded by the brothers in 2007. A fresh graduate from the University of Petroleum and Energy Studies, Dehradun, it was Anmol who floated the idea of a carbon credits company in India—a non-existent sector in India. For three years, the business grew with marquee names in India Inc using their platform to earn or sell carbon credits. In 2010, the global carbon market crashed. So did Anmol's dream. But only for a bit.