Eversource Capital in talks to acquire crisis-hit EV ride-hailing co BluSmart

New Delhi: Eversource Capital, a climate-focused investment platform, is reportedly in advanced talks to acquire electric vehicle (EV) ride-hailing start-up BluSmart, which recently suspended operations amid a crisis at its parent company, Gensol Engineering.

According to Inc42, Eversource has offered between Rs 800 crore and Rs 1,000 crore for the acquisition — a nearly 60 per cent drop from BluSmart’s previous $300 million valuation.

The deal, if finalized, would see BluSmart merged with Lithium Urban Technologies, an EV fleet operator already in Eversource’s portfolio.

Post-merger, the investment firm plans to infuse $100 million into the combined entity to stabilise and scale operations.

Eversource Capital, founded in 2018, is a 50:50 joint venture between Everstone Capital and UK-based Lightsource BP.

The platform focuses on sustainable infrastructure investments across India.

As part of the proposed acquisition, Eversource has reportedly asked BluSmart co-founders Anmol Singh Jaggi and Puneet Singh Jaggi to step down from the board.

The Jaggi brothers are at the center of a major controversy after being barred by the Securities and Exchange Board of India (SEBI) for allegedly diverting electric vehicle procurement funds for personal use, including buying a luxury

apartment.

BluSmart halted services following the regulatory crackdown, leaving thousands of drivers jobless and customers demanding refunds for unused ride credits. The fallout has also led to multiple executive resignations.

Gensol Engineering, BluSmart’s parent firm, has seen its stock plummet by 84 per cent since January, with over 70 per cent of its market value wiped out in just two weeks, according to

Bloomberg data.