Eversource Capital in advanced talks to acquire BluSmart for ₹850 crore: Sources

Eversource Capital is in advanced discussions to acquire electric ride-hailing platform BluSmart, sources told CNBC-TV18. The investment firm has reportedly made a non-binding offer valued at approximately ₹850 crore to acquire the Gensol-owned mobility startup.BluSmart has already suspended operations in several cities.
As part of the potential deal, BluSmart co-founders Anmol Jaggi and Puneet Singh Jaggi — who are facing investigation by SEBI for fund diversion — are likely to be asked to step down from their roles on the company’s board, sources added.

SEBI alleged that funds were diverted from Gensol Engineering (listed entity) to private promoter entities & promoters. Promoters of Gensol have also been accused of funding and using a private entity (Wellray) to trade in the scrip of Gensol.
A final announcement on the Eversource deal could be made within the next two weeks, subject to due diligence and board approvals.Eversource Capital has yet to respond to CNBC-TV18’s queries regarding the proposed acquisition.Sources also told CNBC-TV18 that the Ministry of Corporate Affairs has launched a suo motu investigation into alleged irregularities at Gensol Electric. The probe will include a review of the company’s regulatory filings and financial records. Any further action will depend on the outcome of this inquiry.BluSmart, known for its all-electric fleet, attracted high-profile investors in previous funding rounds, including BP Ventures, Stride Ventures, Panthera Capital, Sumant Sinha, MS Dhoni, and Deepika Padukone. Ashneer Grover, who also invested, said he was a victim.Also Read: BluSmart halts cab services: Here’s a step-by-step guide to claim wallet refund via app(Edited by : Amrita)First Published: Apr 20, 2025 8:15 AM IST

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