India, April 19 -- Climate-focussed PE firm Eversource Capital is in talks to acquire BluSmart, which is in trouble following the crisis at its related entity Gensol, sources told Inc42.

Eversource has offered to acquire the EV ride-hailing startup for around INR 800 Cr to INR 1,000 Cr ($90 Mn to $120 Mn), the sources added. This would be a decline of 60% from BluSmart's last known valuation of $300 Mn.

"They (Eversource) are going to acquire BluSmart, including its liabilities, and intend to resume BluSmart's operations at the earliest. Eversource will clear the salaries of the employees and other remaining dues," one of the sources told Inc42.

Following the acquisition, the PE firm plans to merge BluSmart with its portfolio startup L...