Eversource Capital In Discussion To Acquire BluSmart For Rs 850 Crore, Founders Likely To Step Down: Report

The investment firm has reportedly made a non-binding proposal to take over the Gensol-owned company, which has recently come under regulatory scrutiny.

SEBI has accused the promoters of Gensol Engineering — a listed entity — of misusing company funds by diverting them to private promoter-linked firms.

Source : BluSmart

Eversource Capital is reportedly in advanced negotiations to acquire electric mobility startup BluSmart in a deal estimated at Rs 850 crore, according to sources cited by CNBC-TV18. The investment firm has made a non-binding proposal to take over the Gensol-owned company, which has recently come under regulatory scrutiny.

The acquisition talks come at a time when BluSmart’s co-founders, Anmol Jaggi and Puneet Singh Jaggi, are under investigation by the Securities and Exchange Board of India (SEBI). If the deal proceeds, both founders are expected to step down from their positions on BluSmart’s board, the report stated, citing sources.

SEBI has accused the promoters of Gensol Engineering — a listed entity — of misusing company funds by diverting them to private promoter-linked firms. Additionally, they have been alleged to have facilitated trading in Gensol shares via a private entity named Wellray. These findings have intensified scrutiny around the company’s governance and financial practices.

Corporate Affairs Ministry Steps In

Alongside SEBI’s probe, the Ministry of Corporate Affairs (MCA) has initiated a suo motu investigation into suspected irregularities at Gensol Electric. This inquiry will review regulatory submissions and financial documents. Further action will hinge on the findings of this investigation.

The report stated that Eversource Capital’s final decision will depend on the outcome of its due diligence and the necessary board approvals. A formal announcement regarding the deal could be expected within the next two weeks. No official comment has been made by the entities about the acquisition.

BluSmart Shutdown Leaves Drivers Without Work

While acquisition talks continue, BluSmart has suspended its services without prior notice, leaving over 10,000 drivers without work or clarity. The sudden halt has disrupted transportation for regular commuters and triggered backlash from the driver community.

The Gig Workers Association (GigWA) voiced serious concerns over the lack of transparency, noting that drivers had not been informed in advance. “This unexpected halt has left thousands of drivers without income or clarity about their employment status,” the association said in a statement.

GigWA also claimed that many of the platform’s drivers are yet to receive their weekly incentives of Rs 8,000, along with other pending dues. The organization is demanding immediate settlement of all payments and a compensation package equivalent to three months of income for each affected driver.