SOURCE : NEW18 NEWS
Last Updated:April 20, 2025, 13:51 IST
Aman Gupta, founder of boAt, called the BluSmart crisis tough and sad, stressing the need for compliance, ethics, and resilience in the Indian startup ecosystem.
Aman recalled a lesson from childhood: whatever you do, do it wholeheartedly, but never do wrong.
Gensol Fund Scandal: Aman Gupta, the founder of boAt, recently shared his thoughts on the BluSmart crisis on social media. He described the situation as tough and sad for everyone involved, highlighting that it serves as a much-needed reality check for the ecosystem.
Gupta empathised with those affected, mentioning that investors lost money, founders lost years of hard work, employees lost their stability, and customers lost a service they genuinely loved. He expressed hope that customers would be reimbursed for the money in their BluSmart wallets.
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Gupta noted that beyond the immediate financial losses, the crisis has also damaged trust within the ecosystem. He warned that people will now remember the BluSmart failure, which could have long-term repercussions.
However, he remained optimistic, stating that such setbacks are not unique to India and that even global multinationals have experienced similar meltdowns. He emphasized the importance of resilience and expressed confidence in the Indian startup ecosystem’s ability to bounce back stronger.
The BluSmart situation is tough. Sad for everyone involved. But also a much-needed reality check for all of us in the ecosystem.I know what it feels like:– Investors lost money– Founders lost years of hard work– Employees lost stability– And customers lost a service they…
— Aman Gupta (@amangupta0303) April 17, 2025
Compliance And Ethics Are Must-Haves
For fellow founders, Gupta underscored the importance of compliance and ethics, describing them as foundational rather than mere boxes to tick. Drawing from his background as a CA, he stressed the need for clean books, timely audits, and transparent reporting, which are essential for business sustainability.
Founders Should Focus On EQ, IQ & GQ
He recalled a lesson from childhood: whatever you do, do it wholeheartedly, but never do wrong. He believes this principle applies to business as well. He encouraged founders to focus on EQ, IQ, and GQ (Governance Quotient), advocating for thorough due diligence not just in finance, but also in culture, operations, and responsibility.
In conclusion, Gupta emphasised that while vision and growth matter, the manner in which businesses are built is equally important.
