Eversource Capital – Eyes Acquisition of BluSmart Mobility Assets

Expert Analysis:

• Eversource Capital is evaluating the acquisition of assets from BluSmart Mobility as the EV ride-hailing startup undergoes insolvency proceedings, according to people familiar with the matter.

• The potential acquisition would allow Eversource to enter the consumer mobility segment, expanding beyond the B2B electric fleet model of Lithium Urban Technologies, its portfolio company focused on employee transport and logistics.

• BluSmart’s key assets include more than 5,000 EV charging stations, an operational technology platform, and a B2C mobility brand presence across cities such as Delhi-NCR and Mumbai.

• The company’s electric vehicles themselves are not owned assets, as many of the roughly 4,000 EVs used on the platform were leased from sister firm Gensol Engineering, making the charging infrastructure and tech stack the primary acquisition targets.

• If acquired, BluSmart’s infrastructure could complement Lithium’s existing 24 charging hubs, potentially adding around 50 additional hubs and enabling Eversource to scale a consumer-focused EV mobility platform.