The deal, if completed, would value BluSmart at least 60% below its last known valuation of around ₹2,561 crore.
The deets: Eversource is a climate-focused investment platform, backing clean energy, green mobility, and water projects across India.
As per the deal, BluSmart’s operations will be merged with Lithium Urban Technologies, another Eversource portfolio company, with a planned $100 million infusion into the combined entity.
As part of the rescue deal, Eversource wants both Jaggi brothers off the board — a clean break before a fresh start.
Background: BluSmart abruptly halted operations after SEBI barred co-founder Anmol Singh Jaggi (also the MD of parent company Gensol) and his brother Puneet Jaggi for alleged fund diversion and fraud. SEBI claims funds meant for EV procurement were misused for personal luxuries, including a Gurgaon apartment and even a pricey golf set.
Out of BluSmart’s 8,700-car fleet, 5,500 came from Gensol, and over 3,000 from leasing partners. With ride bookings suspended, drivers are out of work, customers are demanding refunds, and several senior executives have quietly exited the building.
Zoom out: BluSmart was once seen as India’s EV poster child, backed by marquee names like MS Dhoni, Deepika Padukone, and Sumant Sinha, with investors like BP Ventures and Panthera on its cap table.
