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Climate-focused investment firm Eversource Capital is in talks to buy blusmart, the EV ride-hailing company currently struggling due to issues at its related company, Gensol, according to media report.
Eversource has offered Rs 800–1,000 crore ($90–120 million) for BluSmart—about 60% less than its last known value of $300 million.
The plan is to merge BluSmart with Lithium Urban Technologies, a company already in Eversource’s portfolio, and invest another $100 million into the combined business.
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Eversource Capital, founded in 2018, is a climate-focused investment firm based in India. It's a 50:50 joint venture between Everstone Capital, a private equity firm active in India and Southeast Asia and Lightsource BP, a global solar energy company from the UK.
As part of the deal, Eversource wants BluSmart’s co-founders, Anmol and Puneet Singh Jaggi to step down from the board.
The Jaggi brothers are under investigation after being banned from the securities market by SEBI for allegedly misusing funds meant for buying EVs, including using the money to buy a luxury apartment.
Following the probe, BluSmart paused operations, affecting thousands of drivers and customers waiting for refunds. Several top executives have also resigned.
Gensol’s stock has dropped 84% since the start of the year.
BluSmart, started in 2018, is one of the early players in India’s electric mobility space. It runs about 8,700 vehicles, with around 5,500 supplied by Gensol and the rest leased from other partners.
However, SEBI has accused Gensol’s promoters of misusing company funds for personal gain. This includes using a related company—Wellray, to trade Gensol’s own shares and spending money meant for EV purchases on luxury property.
After SEBI’s findings, the Ministry of Corporate Affairs began its own investigation into Gensol Electric’s finances and compliance. The results of this probe could lead to more regulatory action.
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