+
Eversource Capital to Acquire BluSmart for Rs 10 Billion
ECONOMY & POLICY

Eversource Capital to Acquire BluSmart for Rs 10 Billion

Eversource Capital, a climate-focused private equity firm, is in talks to acquire BluSmart, which has been facing challenges due to the crisis involving its associated entity, Gensol, as reported by Inc42.

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

Eversource Capital, a climate-focused private equity firm, is in talks to acquire BluSmart, which has been facing challenges due to the crisis involving its associated entity, Gensol, as reported by Inc42. 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

Next Story
Real Estate

No glass boxes!

India is moving away from the ‘glass box’ syndrome, all-glass façades that were widely used in commercial buildings in the last two decades but came at a significant environmental cost given the country’s predominantly hot and humid climate. Poor thermal performance, excessive heat gain and dependency on mechanical cooling systems made buildings with glass façades energy guzzlers and significantly increased their carbon footprint.That said, it’s important to be aware that “glass is not the enemy,” points out Heena Bhargava, Architect, Architecture Discipline. “How it ..

Next Story
Infrastructure Transport

Why do pavements fail?

India’s highways continue to expand at a healthy pace. But conversations on the surface quality of highways are growing louder because major deficiencies and black spots continue to be identified, and they are cause for concern.“Road surface roughness causes vehicle vibrations that, in turn, can affect the performance of drivers,” explains Dr V K Gahlot, Road Safety Auditor, Centre for Research and Sustainable Development (CfRSD). “Continuous exposure may induce fatigue, a contributory factor to road accidents. Road surface roughness also affects the vehicle operating cost...

Next Story
Infrastructure Urban

APAC Logistics Rents Fall for First Time Since 2020

Logistics rents across the Asia-Pacific region declined 0.4% year-on-year in H1 2025, marking the first annual drop since 2020, according to Knight Frank’s Logistics Highlights H1 2025 report. Despite global trade tensions and cautious occupier sentiment, India emerged as a standout performer, driven by robust manufacturing momentum and supply chain recalibration.Regional Trends and DivergenceWhile rents largely remained stable across most markets, regional differences became more pronounced:Mainland China continued to see rental declines, though the pace of decline moderated to 12.8% YoY, s..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?