Eversource Capital Eyes to Acquire BluSmart for ₹1,000 Crore, Plans Lithium Urban Merger

Eversource Capital, a climate‑focused private equity firm, is in discussions to acquire BluSmart, which is facing challenges due to the crisis at its related entity, Gensol, Inc42 reported.

Eversource has proposed purchasing the EV ride‑hailing company for ₹800 crore to ₹1,000 crore ($90 million to $120 million), the report says. This represents a 60% decrease from BluSmart’s last known valuation of $300 million.

“They (Eversource) are going to acquire BluSmart, including its liabilities, and intend to resume BluSmart’s operations at the earliest. Eversource will clear the salaries of the employees and other remaining dues,” a source told Inc42.

Merger Plans

Eversource plans to merge BluSmart with its portfolio company Lithium Urban Technologies and invest approximately $100 million in the combined entity post‑merger, according to the article.

As part of the agreement, Eversource is reportedly requesting BluSmart co‑founders Anmol Singh Jaggi and Puneet Singh Jaggi to step down from the board.

Eversource Capital is a joint venture between Everstone Capital, a prominent private equity and real estate firm focused on South and Southeast Asia and Lightsource BP, a British global energy company. Founded in 2018, Eversource aims to accelerate the clean energy transition in India and other emerging markets by investing in sustainable infrastructure, green energy and climate solutions.

The firm manages the Green Growth Equity Fund (GGEF), India’s first dedicated climate impact fund, with assets under management of approximately $741 million (₹61 billion). Eversource Capital’s portfolio spans industries such as renewable energy, e‑mobility, circular economy and resource efficiency.

BluSmart Crisis

Anmol Singh Jaggi, the promoter and founder of Gensol Engineering and BluSmart, misappropriated funds to purchase an apartment in The Camellias in DLF Gurgaon, as per an interim order issued by the Securities and Exchange Board of India (SEBI) on Tuesday.

The market regulator has barred Gensol and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from trading in the securities markets. This order stemmed from a complaint filed in June 2024 alleging share‑price manipulation and diversion of funds from Gensol Engineering Limited (GEL). SEBI also suspended the company’s planned stock split due to allegations of fund misappropriation and stock‑price manipulation.

The SEBI order is the latest setback for Gensol, following credit downgrades by rating agencies, a liquidity crisis and a cancelled deal for transferring EV assets.

“(The) funds availed by Gensol as loans for procuring EVs were, through layered transactions, partly utilised for buying a high‑end apartment in The Camellias, DLF Gurgaon, in the name of a firm where the MD of Gensol (Anmol Singh Jaggi) and his brother are designated partners,” the SEBI order stated.

SEBI noted that in September 2022, the solar consultancy firm received a loan of Rs 71 crore from IREDA, an NBFC focused on green financing, deposited into its GEL Trust and Retention Account with IREDA Limited. The loan was purportedly for procuring electric vehicles. An additional Rs 26 crore was transferred to the trust account from an internal account, bringing the total to Rs 97 crore.