Boat Co-founder Urges Entrepreneurs to Focus on Ethics, Governance and Sustainable Growth
As India’s startup scene reels from the BluSmart crisis, Shark Tank India judge and boAt co-founder Aman Gupta has issued a powerful message to founders and investors alike—one that calls for a deeper commitment to ethics, transparency, and responsible business practices.
In a candid LinkedIn post, Gupta referred to the downfall of BluSmart as a “reality check” for the entire startup ecosystem. “It’s a tough situation. Sad for everyone involved. But also a much-needed reality check for all of us in the ecosystem,” he wrote, addressing the blow to employees, investors, and customers.
💬 “What happened with BluSmart?”
Referring to the reputational damage such collapses cause, Gupta said,
“You’ll now hear: ‘Yaad hai BluSmart ke saath kya hua tha?!’”— a line that reflects the growing public distrust in high-growth ventures that falter due to mismanagement.
💸 The Bigger Problem: Governance and Ethics
While acknowledging that even global multinationals have faced similar crises, Gupta insisted that the Indian startup ecosystem must rise stronger, not just faster.
“Compliance and ethics aren’t just boxes to tick. They are the foundation,” he said.
He emphasized that “boring but essential” responsibilities like maintaining clean accounts, conducting timely audits, and ensuring transparent reporting are the backbone of a sustainable business.
📊 The Case of BluSmart
The now-viral BluSmart crisis began when customers across Delhi-NCR, Mumbai, and Bengaluru reported being unable to book cabs. The company reportedly began shutting down operations after failing to secure fresh funding.
More troublingly, BluSmart’s promoter Anmol Singh Jaggi is under investigation by SEBI for fraud and forgery, with the regulator alleging misuse of public company funds for personal gain. SEBI has banned Jaggi and his associates from holding positions or trading in securities until further notice.
“The company’s funds were used as a personal piggy bank,” SEBI stated.
🧠 EQ, IQ & GQ
Gupta concluded his post with a powerful reminder: startups aren’t just built on big visions and high valuations. They are built on emotional intelligence (EQ), intellectual capability (IQ), and above all, governance quotient (GQ).
“Let’s use this as a reminder: To build not just fast, but right.”
Why This Matters:
In a time when startups are celebrated for raising capital and scaling fast, Gupta’s words bring the conversation back to basics—good governance, ethical leadership, and building trust with the public.
