Eversource Capital in Final Talks to Acquire BluSmart for ₹850 Cr Amid Governance Turmoil Investment firm Eversource Capital is reportedly in advanced negotiations to acquire electric mobility startup BluSmart in a deal valued at approximately ₹850 crore, according to media sources familiar with the matter. A non-binding offer has already been submitted, with a final decision expected in the coming two weeks.
As part of the deal, BluSmart’s co-founders and board members, Anmol Jaggi and Puneet Singh Jaggi, may be asked to exit the company, sources revealed. The move is likely aimed at enabling a clean leadership transition in light of recent controversies.
BluSmart, once considered a poster child for India’s green mobility revolution, has attracted funding from prominent investors including MS Dhoni, Deepika Padukone, and Sumant Sinha of Renew Power, along with institutional backers such as BP Ventures, Stride Ventures, and Panthera Growth Partners.
However, the acquisition talks come at a turbulent time for the company’s parent firm, Gensol Engineering, which is facing serious financial fraud allegations. A SEBI investigation has accused Gensol of misusing a portion of a ₹900 crore loan that was meant for electric vehicle procurement. Of the 6,400 EVs promised, only 4,704 were reportedly delivered, while ₹262 crore was allegedly diverted to purchase a luxury apartment in Gurugram’s upscale DLF Camellias.
The report also details suspicious fund transfers routed through Wellray Solar Industries, a firm linked to a former employee, with money allegedly reaching personal accounts associated with the Jaggi brothers.
Amid the mounting scrutiny, BluSmart has assured users that wallet balances will be refunded within 90 days. However, the company’s credibility and governance standards remain under question.
Should the acquisition by Eversource Capital proceed, it could mark a critical reset for BluSmart, potentially bringing much-needed stability and oversight to its operations.