Eversource Capital Eyes BluSmart Acquisition Amid Financial Turmoil

Eversource Capital, a prominent investment firm, is in advanced discussions to acquire BluSmart, an electric mobility platform, for approximately Rs 850 crore. The deal, which includes a non-binding offer, is expected to reach a final decision within the next two weeks, pending due diligence and regulatory approvals.  

 

BluSmart, known for its all-electric fleet and sustainable urban transport solutions, has faced significant challenges recently. The acquisition talks come against the backdrop of financial fraud allegations involving its parent company, Gensol Engineering. A Securities and Exchange Board of India report accused Gensol of misappropriating funds from a Rs 900 crore loan intended for electric vehicle procurement. Allegations include the diversion of Rs 262 crore for personal use and the delivery of only 4,704 out of 6,400 promised EVs.  

 

As part of the proposed deal, BluSmart’s co-founders, Anmol Jaggi and Puneet Singh Jaggi, are likely to step down from their roles. The acquisition is seen as a potential reset for BluSmart, which has attracted high-profile investors such as MS Dhoni, Deepika Padukone, and Sumant Sinha of Renew Power.  

 

Eversource Capital’s interest in BluSmart signals confidence in the platform’s potential despite its current challenges. The firm’s expertise in sustainable investments could provide the strategic direction needed to stabilize and grow BluSmart’s operations.  

 

Source: Business World, Financial Express, CNBC TV18