Eversource Capital is looking to take control of BluSmart, the electric cab-hailing startup currently reeling from a corporate meltdown tied to its founders’ alleged financial misconduct. While no formal word has come from Eversource, insiders say the investment firm has made a serious offer and is likely to insist that co-founders Anmol and Puneet Singh Jaggi step down from the board if the deal moves forward.
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BluSmart, once seen as a bright spark in India’s EV ecosystem, has found itself in stormy weather after regulators began circling Gensol Engineering Ltd.—a listed company promoted by the Jaggi brothers. The Securities and Exchange Board of India (SEBI) has accused them of siphoning funds meant for corporate use and rerouting them to personal ventures, including shady stock trades and luxury real estate purchases. One of the shell firms allegedly involved is named Wellray, which SEBI claims was used to manipulate Gensol’s own stock.
The trouble doesn’t stop there. SEBI’s action triggered a separate investigation by the Ministry of Corporate Affairs into Gensol Electric’s financial conduct and regulatory filings. Depending on the ministry’s findings, BluSmart could face more fallout.
Founded in 2018, BluSmart has been operating a fleet of nearly 8,700 electric vehicles, about 5,500 of which came directly from Gensol. The rest are leased from various partners. The company carved out a niche for itself in India’s crowded mobility space by betting early on electric vehicles—but the ongoing governance issues have cast a shadow over its future.
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If the acquisition by Eversource goes through—and that’s still a big “if” pending due diligence and board-level approvals—it could represent a reset moment for BluSmart. Whether that’s enough to restore investor confidence and public trust remains to be seen.
