Eversource back in fray for Blusmart's assets: Mint

Eversource back in fray for Blusmart's assets: Mint

Eversource Capital has re-entered negotiations to acquire assets of insolvent EV ride-hailing startup BluSmart Mobility, aiming to expand its presence in consumer mobility through the company’s charging infrastructure and technology stack according to reports. The climate-focused private equity firm previously attempted a $1,200 crore deal in 2025 but withdrew amid unresolved issues tied to BluSmart’s sister firm Gensol Engineering, which faces regulatory scrutiny for alleged fund misuse as reported.

BluSmart’s assets include over 5,000 charging stations and a B2C brand presence in key Indian cities, complementing Eversource’s existing B2B fleet operator Lithium Urban Technologies according to analysis. While no valuation has been finalized due to ongoing insolvency proceedings, Eversource’s interest aligns with its strategy to integrate consumer-focused EV infrastructure with its current operations as stated.

BluSmart, which suspended its ride-hailing services in April 2025 and began transitioning its fleet to Uber, faces liquidity challenges and potential loan defaults according to reports. The insolvency process, initially set to conclude by December 2025, has been extended to attract bidders, with Eversource and rival Refex Mobility among late entrants according to reports. Insolvency experts warn that delays could push the process toward liquidation if consensus among creditors is not achieved by the 330-day deadline as experts warn.

Eversource’s potential acquisition would exclude BluSmart’s cofounders, Anmol and Puneet Jaggi, who are under SEBI investigation for Gensol-related misconduct according to reports. The firm has also explored direct negotiations with Gensol’s lenders to secure access to BluSmart’s leased EV fleet as reported. With six other expressions of interest, the outcome remains uncertain as the insolvency timeline continues to evolve according to analysis.