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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
A letter from one of BluSmart’s largest investors reveals how the ride-hailing startup’s promoters withheld critical information from the shareholders and the board while providing consistently inaccurate financial forecasts.
bp Ventures poured millions of dollars into BluSmart. In return, Anmol Singh Jaggi fed it lies. And the deception wasn’t accidental—it was by design. At least that is what bp Ventures is alleging.
In a scathing six-page letter dated 17 April, the venture arm of British oil company bp has revealed how the founder of the all-electric ride-hailing startup systematically concealed the company’s true financial condition from one of its largest investors, while exploring options that would primarily benefit himself rather than the struggling entity’s stakeholders. bp Ventures holds just over 14% in BluSmart and is the startup’s largest …
