Jaggi Brothers Out? Eversource Plans To Buy BluSmart for INR 800-1,000 Cr Amid Gensol Fallout

India's electric vehicle ride-hailing company BluSmart is in serious trouble. After facing major issues because of its close link with Gensol Engineering, the company might soon be taken over by Eversource Capital, a climate-focused private equity (PE) firm.
As per reports by CNBC, Eversource has offered to acquire BluSmart for INR 800 crore to INR 1,000 crore (about $90 million to $120 million). This is much lower than BluSmart's last known valuation of USD 300 million, showing how badly the company has been affected in recent months.

Why Eversource Wants to Buy BluSmart?

Eversource Capital, which already owns a majority stake in another EV company called Lithium Urban Technologies, wants to merge BluSmart with Lithium. After the merger, Eversource plans to pump USD 100 million into the new combined EV company. BluSmart is a popular EV ride-hailing startup with a big fleet of electric cars and operations in multiple cities. While Lithium Urban is a B2B EV startup that provides electric cabs and charging solutions to companies. Combining the two companies will create a bigger and stronger player in India's electric mobility market.

Gensol Scandal: Why Is BluSmart Struggling?

BluSmart's problems started when its cofounders, Anmol Singh Jaggi and Puneet Singh Jaggi, were found to be involved in a scandal related to Gensol Engineering, another company they own. According to market regulator SEBI, the Jaggi brothers used Gensol's money wrongly and submitted fake documents to banks and investors.
As a result, SEBI has banned the Jaggi brothers from being directors at Gensol and stopped them from taking part in India's securities market.

Due to these controversies, BluSmart suspended its cab services and sent emails to customers saying it would return their money if the services don't resume within 90 days.

Following SEBI's order, Gensol Engineering's share price fell sharply on both NSE and BSE and is currently 89% below its 52-week high range. As of April 2025, Gensol shares have corrected by more than 25-30%. Daily trading volumes surged as investors rushed to exit their positions. Retail and institutional investors are now cautious, fearing more regulatory actions or possible forensic audits.

Eversource Wants the Bluesmart Founders Out

Before going ahead with the acquisition, Eversource has put one big condition: both co-founders, Anmol and Puneet Jaggi, must completely exit BluSmart, the reports further mentioned.

This means that they must leave their leadership roles. Additionally, Anmol Singh Jaggi must also resign from BluSmart's board of directors. Eversource doesn't want any future link between the Jaggi brothers and the new company.

According to a report from INC 42, since its launch in 2019, BluSmart has raised around USD 180 million from big investors like bp Ventures, responsAbility Investments AG, Sumant Sinha, and the MS Dhoni Family Office. But the recent troubles have damaged the company's image and business.