MUMBAI: Eversource Capital appears to be back in the fray for electric vehicle ride-hailing startup BluSmart Mobility, with the climate-focused private equity firm now interested in acquiring the company’s assets under insolvency proceedings, two people aware of the matter told Mint.
With BluSmart, Eversource aims to enter consumer mobility, expanding beyond the business-to-business fleet (B2B) model of Lithium Urban Technologies into the business-to-consumer (B2C) ride-hailing market, one of the people cited above said. Both people requested anonymity.
Since the plan involves assets under insolvency proceedings, no valuation has been discussed at this point, the other person said. The value for the assets will likely be discussed once a formal expression of interest is submitted, they added.
Eversource's interest in BluSmart has surfaced earlier as well. In April 2025, when the Gensol-BluSmart case was unravelling, reports said the firm was emerging as a frontrunner to acquire BluSmart in a deal that could reach up to ₹1,200 crore. However, the talks failed to materialize, with NDTV Profit later reporting that there was nothing happening on the Eversource front at the time, citing people aware of the matter.
Charging network, not EVs
Though BluSmart operated as a green ride-hailing platform, none of its assets involve electric vehicles. The cars were leased, with around 4,000 coming from sister concern Gensol Engineering Ltd.
What BluSmart does own is a network of more than 5,000 charging stations, along with an established technology stack and a B2C brand presence in cities such as Delhi-NCR and Mumbai.
Lithium, in which Eversource acquired a majority stake in 2022 for over $50 million, operates an electric fleet focused on employee transport and freight.
While Lithium has its own network of 24 charging hubs across India, most not open to the public, the addition of BluSmart’s infrastructure could give Eversource access to roughly 50 more hubs across cities that could support a consumer-focused fleet.
BluSmart insolvency
Mint had reported in December 2025 that Refex Mobility, now led by former BluSmart CEO Anirudh Arun, is also vying for the electric cab operator's assets.
Both Refex and Eversource have shown interest late in the process and are banking on the possibility of an extension in the insolvency timeline.
Though bids were originally expected to close by December, the insolvency resolution professional has repeatedly extended the timeline to attract more competing interest from bidders.
As of now, excluding Eversource, there are said to be six other expressions of interest for BluSmart, including one from Refex.
Even a short extension of a few weeks for expressions of interest could have a cascading effect on the process, insolvency lawyers told Mint. Resolution plans are typically invited about 30 days after expressions of interest (EoIs) close, followed by negotiations and committee of creditors (CoC) voting.
"If delays continue or consensus among bidders is not achieved, the process could drift close to the 330-day deadline, beyond which liquidation becomes the default outcome," Alay Razvi, managing partner at law firm Accord Juris, had told Mint in December 2025.