Ashneer Grover’s Startup Faces Scrutiny After SEBI Flags Investor Anmol Singh Jaggi in Fund Misuse Probe

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Ashneer Grover’s startup, Third Unicorn Pvt Ltd, has found itself in the regulatory spotlight after receiving investment from Anmol Singh Jaggi, promoter of Gensol Engineering Ltd, who is currently under investigation by the Securities and Exchange Board of India (SEBI) for alleged financial misconduct and fund diversion.

In an interim order issued by SEBI on April 15, 2025, the regulator highlighted a ₹50 lakh investment made by Jaggi in Grover’s venture as part of a larger web of questionable transactions involving Gensol-linked entities. According to the order, Jaggi acquired 2,000 shares of Third Unicorn and held them as of March 31, 2024.

Responding to the developments, Ashneer Grover addressed the controversy on April 17 via social media, asserting that he is a “victim” of the situation. “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,” Grover said.

He also revealed that he had invested ₹1.5 crore in BluSmart, Jaggi’s electric vehicle cab startup, and ₹25 lakh in Matrix, suggesting a prior business relationship.

The duo’s association isn’t new. After publishing his memoir “Doglapan” in 2023, Grover gifted Jaggi a signed copy with a handwritten note:

“Tere saath Ola + Uber ko beat karna hai. Think and do big.”

Jaggi later shared the note publicly on LinkedIn, expressing admiration for Grover, calling him “bhaiya” and a source of wisdom.

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