As per news reports, Eversource Capital is in advanced discussions to acquire BluSmart, an electric ride-hailing platform, for ₹850 crore.
The deal comes at a time when BluSmart is grappling with operational challenges, including suspensions in several cities, and its promoters are facing scrutiny over alleged financial misconduct linked to Gensol Engineering. The acquisition, if finalised, could reshape the future of the electric mobility startup amid ongoing investigations.
As per news reports, investment firm Eversource Capital is in advanced discussions to acquire BluSmart, an electric ride-hailing startup, for a proposed valuation of around ₹850 crore. The offer is currently non-binding and subject to due diligence and board approvals, with a formal announcement expected within two weeks.
BluSmart, once hailed for its green mobility drive, has recently suspended operations in multiple cities. The company’s founders, Anmol Jaggi and Puneet Singh Jaggi, who are also the promoters of publicly-listed Gensol Engineering, may be asked to step down from BluSmart’s board if the deal proceeds. Eversource Capital has not provided a response to queries about the potential acquisition.
The proposed acquisition comes against the backdrop of a deepening investigation by SEBI into fund diversion at Gensol Engineering. As per news reports, SEBI has alleged that funds were misdirected from Gensol to private entities controlled by the promoters, who also allegedly used a private firm, Wellray, to trade in Gensol’s shares.
Out of BluSmart’s fleet of 8,700 electric vehicles, around 5,500 are supplied by Gensol, while over 3,000 have been leased from other partners. In a parallel development, the Ministry of Corporate Affairs has launched a suo motu probe into Gensol Electric, examining regulatory filings and financial records for possible irregularities.
The outcome of this inquiry may determine further action against the company.
Read More: Gensol Shares Slide to 52-Week Low After SEBI Flags Inactivity at EV Plant
As of April 21, 2025, 10:30 AM, Gensol Engineering share price is trading at ₹110.71, reflecting a 5% drop from the previous closing price. Over the past month, the stock has declined by 53.55%.
BluSmart, once a beacon of sustainable urban mobility backed by prominent investors such as BP Ventures, MS Dhoni, Deepika Padukone, and Ashneer Grover, now finds itself at a crossroads. The potential acquisition by Eversource Capital could provide a fresh start, though the final outcome hinges on the resolution of ongoing investigations and internal governance changes.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Apr 21, 2025, 2:53 PM IST
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