With potential BluSmart buyout, Eversource eyes consolidation: What else is in its green portfolio?

Climate-focused private equity firm Eversource Capital is reportedly in advanced talks to acquire BluSmart for Rs 800–1,000 crore ($90–120 million), a sharp 60% markdown from the troubled EV ride-hailing startup's last known valuation of $300 million, according to Inc42. The move comes after BluSmart suspended operations and faced scrutiny due to a financial scandal at Gensol Engineering, promoted by BluSmart cofounders Anmol and Puneet Singh Jaggi.

Who is Eversource Capital?

Eversource Capital is a joint venture between Everstone Capital—a leading South and Southeast Asia-focused private equity and real estate firm—and British multinational energy company, Lightsource bp. Launched in 2018, Eversource aims to accelerate the clean energy transition across India and other emerging markets by investing in sustainable infrastructure, green energy, and climate solutions.

The firm manages the Green Growth Equity Fund (GGEF), India’s first dedicated climate impact fund, with assets under management (AUM) of approximately $741 million (₹61 billion).

Eversource Capital’s portfolio spans sectors such as renewable energy, e-mobility, circular economy, and resource efficiency.

Key investments include:

Lithium Urban Technologies (2014): One of India’s largest EV fleet operators, focused on employee transport and last-mile freight. Eversource owns a 76.93% stake.

GreenCell Mobility (2019): Operates intercity and intracity e-bus fleets under the NueGo brand; aims to manage over 5,000 e-buses.

Ayana Renewable Power (2017): Developing 10 GW of utility-scale renewable energy capacity by 2025.

Radiance Renewables (2018): Provides distributed solar solutions to commercial and industrial clients; targeting 2.5 GW.

EverEnviro (2019): Waste-to-energy and municipal solid waste management platform, aiming to process over 20,000 TPD of waste.

Kathari Water Management (2021): Operates in sewage treatment and water purification, aligned with national water missions.

Ecofy (2022): A green NBFC offering climate finance solutions in rooftop solar, electric 2- & 3-wheelers, and SME sustainability efforts.

The 'plan'

Eversource plans to merge BluSmart with its portfolio company, Lithium Urban Technologies, and inject $100 million into the combined entity. Lithium Urban, acquired in 2022, operates a B2B electric vehicle fleet and charging infrastructure. Despite BluSmart’s significantly larger revenue and fleet size, Eversource sees the deal as a strategic consolidation to bolster its green mobility portfolio.

A key condition of the deal requires the exit of BluSmart’s cofounders, particularly Anmol Singh Jaggi, from both the company and its board.