New Delhi April 19, 2025(ANI): InfoEdge founder Sanjeev Bikhchandani expressed disappointment over BluSmart’s shutdown, praising its service but stressing the need for business viability and strong corporate governance. He urged seriousness regarding SEBI's report on the matter. Calling it a blow to the startup ecosystem, he highlighted that most Indian startups are honest. He also expressed concern for the 15,000–20,000 affected drivers, emphasizing their lack of social security and financial stability. Founder & Executive Vice-Chairman of InfoEdge, Sanjeev Bikhchandani said, "As a customer, I am disappointed because the cab services were really good... The business, obviously, has to be viable. Corporate governance has to be good for a company to sustain... The SEBI report needs to be taken seriously; it was produced after a proper investigation. While it is a setback for the startup ecosystem, we must understand that there are 1.6 lakh registered startups in India, and if we include the unregistered ones, there are nearly 7-8 lakh startups. There will be some bad actors, but for the most part, 95-98% of startups are honest... The worst hit are the cab drivers; they dont have social security, they are not well-off, around 15-20000 drivers are suddenly out of a job in Delhi-NCR. It is a tragic setback for the investors as well..."
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00:00As a customer, I'm disappointed because it was a really good service.
00:03Good cars, good drivers, on time, clean, polite.
00:09You know, so very disappointed as a customer.
00:12The business has to be viable and corporate governance has to be good for a company to sustain.
00:18And it's extremely disappointing that that did not happen.
00:20While it is a setback for the startup ecosystem,
00:24we must understand that there are 1.6 lakh registered startups in India,
00:28which means unregistered Malakay, there are 7-8 lakh startups.
00:32So some incidents will happen.
00:34There will be some bad actors.
00:35But for the most part, 95%, 98% of startup founders are honest.
00:40Most important thing are the drivers.
00:41They don't have social security.
00:43They are not well off.
00:45And maybe 15,000 to 20,000 drivers, approximately, I believe,
00:49are suddenly out of a job in Delhi, NCR.
00:52That's a tragedy.
00:53To the startup founders, I'll say keep at it.
00:55Work hard, work honestly, work diligently, service your customers, follow the law of land.
01:01It'll be okay.
01:02How do you see this overall absurd of Chainsaw and Blue Shutdown of the Blue Smart Company?
01:09As a customer, I'm disappointed because it was a really good service.
01:13Good cars, good drivers, on time, clean, polite.
01:17You know, so very disappointed in the customer.
01:22But obviously, the business has to be viable, and corporate governance has to be good for a company to sustain.
01:29And it's extremely disappointing that that did not happen.
01:33The SEBI report has been taken seriously.
01:35It was done after proper investigation.
01:37And while it is a setback for the startup ecosystem, we must understand that there are 1.6 lakh registered startups in India,
01:49which means unregistered Malakia, there are 7-8 lakh startups.
01:52So, some incidents will happen.
01:55There will be some bad actors.
01:56But for the most part, 95%, 98% of startup founders are honest.
02:01And we meet 1,000 startups a quarter.
02:03And I can say for certain, from personal experience, that almost all startup founders are honest.
02:09If they are bad actors, they have to be dealt with.
02:11And I think it's a confidence-building thing, that SEBI and NSE, there are regulators who are vigilant, who take action.
02:19It actually keeps up the confidence in the system.
02:23Mr. What do you feel about the investor who has invested huge money, and about the drivers and the employees of the company?
02:29I think the most important thing are the drivers.
02:32They don't have social security.
02:33They are not well off.
02:35You know, and maybe 15,000 to 20,000 drivers, approximately, I believe, are suddenly out of a job in Delhi, NCR.
02:43That's a tragedy.
02:45And investors, of course, it's tragic for them.
02:48It is a setback.
02:49But investors are institutions and high net worth individuals, and they are not as badly off as the drivers.
02:55And, sir, what would be your advice to the startups of India, because they are also in a fix after this failure?
03:09I think, to the startup founders, I'll say keep at it.
03:14Work hard.
03:15Work honestly.
03:16Work diligently.
03:17Service your customers.
03:18Follow the law of land.
03:20It'll be okay.
03:21We'll be okay.