Eversource Capital, a climate-focused investment platform, is reportedly in advanced talks to acquire electric ride-hailing company BluSmart, which recently halted its operations. The development comes after a major crisis hit BluSmart’s sister company, Gensol Engineering, where financial misconduct by its top leadership has triggered regulatory and market fallout.

Deal value and merger plans

According to a report by Inc42, Eversource has offered to acquire BluSmart for ₹800–1,000 crore, marking a significant drop of over 60% from BluSmart’s last known valuation of $300 million (approx. ₹2,561 crore).

Eversource is planning to merge BluSmart with Lithium Urban Technologies, an EV fleet company already part of its portfolio. Post-merger, it is expected to inject around $100 million into the combined entity to strengthen operations and scale.

Eversource capital – background

Eversource Capital was founded in 2018 and is a joint venture between Everstone Capital and Lightsource BP. The firm focuses on clean energy and sustainable investments, primarily in India and Southeast Asia.

Leadership exit expected

As part of the deal, Eversource has reportedly asked BluSmart co-founders Anmol Singh Jaggi and Puneet Singh Jaggi to step down from the board. The Jaggi brothers have been barred from the securities market by SEBI (Securities and Exchange Board of India) over serious allegations involving fund diversion and fraudulent practices at Gensol Engineering.

SEBI alleges that the Jaggi brothers diverted funds meant for electric vehicle procurement to cover personal expenses, including the purchase of a luxury apartment.

Fallout from the crisis

Following SEBI’s action, BluSmart suspended its operations, leading to job losses for thousands of drivers and customer concerns about refunds for unused ride credits. The crisis has also triggered multiple senior executive resignations at BluSmart.

Meanwhile, Gensol Engineering’s shares have dropped by 84% since the beginning of 2025. Over 70% of the company’s market value was wiped out in under two weeks, according to Bloomberg data.

What’s next?

The potential acquisition and restructuring by Eversource may offer a new path forward for BluSmart under fresh leadership. However, the outcome will depend on the success of the merger and how well the new entity can recover customer trust and operational stability.