Eversource has reportedly proposed purchasing the EV ride-hailing company for Rs 8 billion to Rs 10 billion, a significant reduction of 60% from BluSmart’s last known valuation of $300 million.

A source informed Inc42 that Eversource intends to acquire BluSmart along with its liabilities and resume the company’s operations as soon as possible. The firm also plans to settle employee salaries and other outstanding dues.

According to the report, Eversource plans to merge BluSmart with its portfolio company, Lithium Urban Technologies, and invest approximately $100 million into the combined entity post-merger.

As part of the deal, Eversource is said to be requesting that BluSmart’s co-founders, Anmol Singh Jaggi and Puneet Singh Jaggi, step down from the board.

Eversource Capital is a joint venture between Everstone Capital, a leading private equity and real estate firm focused on South and Southeast Asia, and Lightsource BP, a British global energy company. Established 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 firm manages India’s first dedicated climate impact fund, the Green Growth Equity Fund (GGEF), which has assets under management of approximately $741 million (?61 billion). Eversource Capital’s portfolio spans across industries such as renewable energy, e-mobility, circular economy, and resource efficiency.

News source: Outlook Planet