Eversource Capital is reportedly in advanced discussions to acquire BluSmart for approximately Rs 850 crore. According to a CNBC-TV18 report, the investment firm has made a non-binding offer and is expected to reach a final decision within the next two weeks.
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As part of the proposed deal, BluSmart’s founders and board members, Anmol Jaggi and Puneet Singh Jaggi, are likely to be asked to step down from their positions.
BluSmart had earlier attracted several marquee investors during its funding rounds, including cricket legend MS Dhoni, Bollywood star Deepika Padukone, and Renew Power’s Sumant Sinha. Other investors on the company’s cap table include BP Ventures, Stride Ventures, and Panthera.
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Financial fraud allegations
The acquisition talks come against the backdrop of serious financial fraud allegations involving BluSmart’s parent firm, Gensol Engineering. A Securities and Exchange Board of India (SEBI) report recently accused the company of misappropriating funds from a Rs 900 crore loan meant for procuring electric vehicles.
The report alleges that only 4,704 of the 6,400 promised EVs were delivered, with RS 262 crore reportedly diverted to purchase a luxury apartment in Gurugram’s DLF Camellias. Additional funds were allegedly routed through a former employee’s firm, Wellray Solar Industries, and linked to personal transfers to the Jaggi brothers.
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