Eversource Capital, a climate-focused private equity company, has been reported to sophisticated consultations to acquire Blusmart from the last known valuation of $300 million for the troubled EV ride hailing startup, at between 800 and 1,000 crores ($90-120 million), according to INC42. The move comes after Blusmart halted its operations and faced scrutiny due to the Gensol Engineering financial scandal promoted by Blusmart Cofounders Anmol and Puneet Singh Jaggi.
Who is Eversource Capital?
Eversource Capital is a joint venture between Everstone Capital, a private equity and real estate company in the South and Southeast Asia, and British multinational energy company Lightsource BP. Launched 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 company manages Green Growth Equity Fund (GGEF), India's first dedicated Climate Impact Fund.
Eversource Capital's portfolio spans sectors such as renewable energy, e-mobility, circular economy, and resource efficiency.
The main investments include:
Lithium Urban Technologies (2014): One of India's largest EV fleet operators, focusing on employee transport and last mile cargo. Eversource owns a 76.93% stake.
Greencell Mobility (2019): Operates intercity and intratracheal E-Bus fleets under the Nuego brand. It aims to manage over 5,000 electronic buses.
Ayana Renewable Power (2017): Developing a utility-scale renewable energy capacity of 10 GW by 2025.
Radiance Renewables (2018): Provides distributed solar solutions to commercial and industrial clients. 2.5 Golden Week targeting.
Everenviro (2019): Waste-to-Energy Solid Waste Management Platform, Aiming to Dispose of Over 20,000 TPD Waste.
Kathari Water Management (2021): Operated with sewage treatment and water purification, in line with the national water mission.
Ecofy (2022): Green NBFC delivers climate finance solutions in rooftop solar, electric two and three wheels, SME sustainability initiatives.
“plan”
Eversource will integrate Blusmart with portfolio company Lithium Urban Technologies and inject it into the $100 million combined entity. Lithium Urban, acquired in 2022, operates a B2B electric vehicle fleet and charging infrastructure. Despite the vastly large revenue and fleet size of Blusmart, Eversource sees the deal as a strategic integration to strengthen its green mobility portfolio.
Important terms of the transaction require the exit from both the company and its board of directors, of Blusmart co-founders, especially Anmol Singh Jaggi.