Eversource Capital Eyes Acquisition of Crisis-Hit EV Startup BluSmart
Eversource Capital, a climate-focused investment platform, is reportedly in advanced talks to acquire EV ride-hailing startup BluSmart, which recently suspended operations amid a financial scandal involving its sister firm, Gensol Engineering. According to a report by Inc42, Eversource has proposed a buyout offer in the range of ₹800–1,000 crore — a deal that would mark a steep discount of over 60% from BluSmart’s last known valuation of $300 million (around ₹2,561 crore).
The proposed acquisition would see BluSmart merged with Eversource’s existing EV mobility venture, Lithium Urban Technologies. Following the merger, Eversource is expected to infuse approximately $100 million into the combined entity to strengthen its position in India’s electric mobility sector. However, the deal also includes a condition that BluSmart co-founders Anmol Singh Jaggi and Puneet Singh Jaggi, currently under investigation, step down from the board.
The Jaggi brothers are facing regulatory heat after the Securities and Exchange Board of India (Sebi) barred them from the securities market for alleged fund diversion and misuse of funds earmarked for EV procurement. The scandal has led to BluSmart halting operations, triggering layoffs and refund concerns among customers. Gensol shares have plummeted 84% since the start of the year, with more than 70% of the company’s market value erased in just two weeks.
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