BP Ventures Eyes Buyout of Anmol Singh Jaggi’s Stake in BluSmart

According to news reports, BP Ventures, the largest investor in BluSmart, is in discussions to acquire the stake held by cofounder Anmol Singh Jaggi. This development comes as the company looks for ways to resume operations. A spokesperson for BP Ventures stated that the firm is working with relevant stakeholders to find a resolution.

Funding Linked to Promoter Exit

Reports indicate that investors, including BP Ventures and responsibility Investments, are planning to inject $30 million (around ₹253.64 crore) into BluSmart as unsecured debt. This funding is expected to cover operational liabilities, including unpaid employee salaries. However, the proposal is dependent on Jaggi stepping down from the company.

Regulatory Action and Operational Halt

BluSmart suspended operations following SEBI’s interim order against Gensol Engineering Ltd, also promoted by Anmol Singh Jaggi and Puneet Singh Jaggi. SEBI’s order cited misuse of EV-related loan funds, submission of forged documents, and misleading rating agencies and lenders. As a result, approximately 10,000 drivers were left without work. A group of them protested at Delhi’s Jantar Mantar earlier this month.

As of 9:24 AM on May 9, 2025, Gensol Engineering share price was trading at ₹56.79, down 5%, with a 59.33% decline over the past month and an 18.57% drop in the last five days.

Ownership and Investor Details

As of February 2025, promoters held about 23.98% of BluSmart. Other shareholders include SoftBank, Mayfield India Fund, 100 Unicorns, responsAbility, and public figures such as Deepika Padukone and MS Dhoni. Co-founded in 2019 by Jaggi and Punit Goyal, BluSmart has raised $180 million so far.

Read more: Gensol Crisis: Eversource Capital is in Talks to Buy BluSmart in ₹850 Crore Deal

Asset Restrictions and Legal Work

BluSmart, which operates more than 10,000 electric vehicles, is currently unable to transfer, sell, or use 175 of its EVs as collateral. Legal issues concerning share transfers from the Jaggis are being addressed, and due diligence is near completion.

Conclusion

If completed, the transaction would involve buying Jaggi’s shares at par, addressing outstanding debts, and potentially restarting BluSmart’s operations. Climate-focused private equity firm Eversource Capital has also been in talks to acquire BluSmart for ₹800-1,000 crore, a drop from its earlier $300 million valuation.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.