Eversource Capital has reportedly finalized its move to acquire the core assets of BluSmart, including its extensive EV-charging network.
The deal is framed as a rescue mission for the troubled ride-hailing pioneer, which entered National Company Law Tribunal (NCLT) insolvency proceedings in late 2025 following a financial scandal involving its co-founders and sister company, Gensol Engineering.
The ₹1,200 Crore “Rescue” Deal
Eversource Capital, a 50:50 joint venture between Everstone Capital and Lightsource bp, has moved from a non-binding offer to a definitive restructuring plan.
| Feature | Detail |
| Total Valuation | ₹1,200 Crore (Approx. $145 Million) |
| Haircut | A 60% drop from BluSmart’s peak $300 million valuation. |
| Cash Injection | Eversource plans to inject $100 million post-acquisition to stabilize the fleet. |
| Founder Exit | As a strict condition, co-founders Anmol and Puneet Jaggi have been removed from the board. |
Strategic Merger: BluSmart + Lithium Urban
Rather than keeping BluSmart as a standalone entity, Eversource intends to merge it with its existing portfolio company, Lithium Urban Technologies.
- The Powerhouse: The merger will create India’s largest vertically integrated electric mobility platform.
- Vertical Integration: The entity will combine BluSmart’s consumer-facing app and 4,000+ public charging “Superhubs” with Lithium Urban’s B2B corporate fleet expertise.
- Charging Network Spin-off: Analysts suggest Eversource may eventually spin off the charging infrastructure into a separate utility-style business to service third-party electric vehicles, capitalizing on the 1.4 million sq. ft. of charging real estate BluSmart secured in Delhi-NCR and Bengaluru.
The “Lender Route” to Acquisition
Because of the ongoing SEBI probe into the Jaggi brothers for alleged fund diversion at Gensol, Eversource reportedly bypassed direct negotiations with the founders.
- Direct with Lenders: Eversource engaged directly with government-backed lenders like Power Finance Corp (PFC) and IREDA, who held the hypothecation on approximately 5,000 of BluSmart’s cars.
- Ringfencing: This “slump sale” approach allows Eversource to acquire the clean operational assets (the cars and the charging hubs) while leaving the legal and financial liabilities of the original corporate entity with the NCLT resolution professional.
Impact on the Indian EV Ecosystem
The acquisition is seen as a “best-case scenario” for the industry, preventing a massive collapse of India’s most visible green mobility brand.
- Operational Continuity: Thousands of gig-worker drivers, who were left in limbo after BluSmart’s operations were partially suspended in 2025, are expected to be re-onboarded under the new management.
- Charging Infrastructure Stability: The massive multi-year power purchase agreement (PPA) with Tata Power for 100% renewable energy will remain in place, ensuring the charging network continues its “zero-emission” promise.
