In a significant development in India’s electric mobility sector, Eversource Capital is reportedly in advanced negotiations to acquire BluSmart, the electric ride-hailing platform, for approximately ₹850 crore. Sources familiar with the matter said that a non-binding offer has been made and the transaction is currently under due diligence, with a final announcement expected in the coming weeks.
Founded by Anmol Jaggi and Puneet Singh Jaggi, BluSmart has positioned itself as one of India’s most prominent all-electric ride-hailing platforms. With an impressive fleet of 8,700 electric vehicles (EVs), the company has garnered attention not only for its green credentials but also for its focus on sustainability, technology-driven operations, and zero-emissions mobility.
Of the total fleet, approximately 5,500 cars have been sourced from Gensol Electric, a firm promoted by the Jaggi brothers. The remaining 3,000+ vehicles have been leased from a network of external leasing partners. BluSmart has become a poster child for clean urban mobility and has attracted high-profile investors, including BP Ventures, Stride Ventures, Panthera Capital, and celebrities like MS Dhoni, Deepika Padukone, and Ashneer Grover.
Eversource’s Strategic Move
The acquisition marks a strategic expansion for Eversource Capital, a sustainability-focused investment platform backed by Everstone Group and Lightsource BP. Eversource has previously invested in clean energy, water, and waste management ventures, and the potential purchase of BluSmart aligns with its broader mission of building sustainable infrastructure and mobility solutions across India.
Sources indicate that BluSmart’s brand, operational scale, and first-mover advantage in the EV ride-hailing space are key factors driving Eversource’s interest. The proposed ₹850 crore acquisition will include significant restructuring, including likely changes to the company’s board.
Leadership Shake-Up Expected
As part of the deal, co-founders Anmol Jaggi and Puneet Singh Jaggi are expected to step down from BluSmart’s board, according to people familiar with the negotiations. The move follows mounting regulatory scrutiny involving the Jaggi brothers and their associated businesses.
Both are also the promoters of Gensol Engineering, a publicly listed company now under investigation by the Securities and Exchange Board of India (SEBI). SEBI has alleged that funds were improperly diverted from Gensol Engineering to privately held promoter entities, raising serious concerns over financial governance.
In addition to SEBI’s probe, the Ministry of Corporate Affairs (MCA) has launched a suo motu investigation into Gensol Electric. The investigation, sources say, will examine the company’s financial filings, governance practices, and other possible irregularities.
The MCA’s move signals a deepening of the regulatory scrutiny facing the Jaggi-led enterprises, especially given the interconnected nature of Gensol and BluSmart in terms of capital and asset sharing. Regulators are reportedly concerned about whether public funds or company resources were used improperly to benefit private ventures.
The ongoing probes have triggered concerns among BluSmart’s existing investors. While some have refrained from commenting publicly, Ashneer Grover, a well-known startup investor and co-founder of BharatPe, declared that he felt “misled” in his investment, suggesting that he too was a “victim” of the financial maneuverings.
The revelations around fund diversion and potential governance failures have cast a shadow over BluSmart’s otherwise promising business model. Observers believe that without the ongoing regulatory clouds, BluSmart could have pursued an independent growth trajectory or even explored a public listing in the next few years.
Despite the storm surrounding its founders, BluSmart’s core business remains operational and growing, particularly in urban EV mobility corridors such as Delhi NCR and Bengaluru. The platform has become known for its app-based electric taxi services, powered entirely by renewable energy, and its in-house charging infrastructure network.
If the acquisition by Eversource Capital goes through, the company is expected to be restructured and recapitalized, possibly with a new executive leadership team and stricter compliance mechanisms. This could breathe new life into BluSmart and restore investor and customer confidence in the brand.
The BluSmart saga underscores the critical importance of transparency and financial accountability, especially as India’s startup ecosystem matures. While the company’s mission to revolutionize clean urban transport is laudable, its future now depends heavily on how regulatory investigations unfold and whether the Eversource acquisition can stabilize the enterprise.
The coming weeks will be crucial—not just for BluSmart and its stakeholders, but also for regulators, investors, and the broader Indian EV startup ecosystem, which is watching closely.
