Mumbai: Ashneer Grover’s startup Third Unicorn Pvt Ltd has come under the spotlight after receiving funding from Anmol Singh Jaggi, the promoter of Gensol Engineering Ltd. Jaggi is currently under investigation by SEBI (Securities and Exchange Board of India) for alleged financial mismanagement and fund diversion.
According to SEBI’s interim order dated April 15, 2025, Jaggi’s ₹50 lakh investment in Grover’s venture is part of a larger pattern of suspicious financial transactions linked to entities related to Gensol. The order states that Jaggi bought 2,000 shares of Third Unicorn and held this stake as of March 31, 2024.
Ashneer Grover Speaks Out
Responding to the controversy, Ashneer Grover took to social media on April 17, calling himself a "victim" of the situation. He revealed that he had also invested Rs 1.5 crore in BluSmart (Jaggi’s EV cab startup) and ₹25 lakh in Matrix.
Grover clarified, “A private limited company is not liable for the conduct of shareholders or their source of funds. Our focus is building a great business for stakeholders.”
Ashneer Grover tweeted on Thursday questioning media reports. | X
A Strong Business Bond
Grover and Jaggi have shared business interests for a while. After publishing his memoir “Doglapan” in 2023, Grover personally gifted a signed copy to Jaggi. In a handwritten note, he mentioned wanting to disrupt the ride-hailing market with him, saying: “Tere saath Ola + Uber ko beat karna hai. Think and do big.”
Jaggi later posted the note on LinkedIn, thanking Grover for the book and friendship. “Ashneer Grover bhaiya… Getting wisdom from you is key to success,” he wrote.
Grover had earlier teamed up with Jaspal Bindra to support PMC Bank and hoped for similar results in the mobility sector with Jaggi.
