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..."
