BluSmart Founder Acquires Mayfield’s Stake for Rs 32 Crore in Strategic Move
- ByStartupStory | May 16, 2023
Mayfield India, the venture capital fund, has divested its entire stake in electric mobility startup BluSmart, with CEO Anmol Singh Jaggi acquiring the shares for approximately Rs 32 crore.
Following the acquisition of Mayfield India’s 2% shares, the founders of Gurugram-based startup BluSmart have significantly strengthened their ownership, resulting in a collective stake of over 30% in the company.
Mayfield India, the initial institutional investor in BluSmart, had a 2% stake following the company’s recent funding round. The US-based venture capital firm had invested Rs 15.5 crore in seed and Series A rounds but decided to exit due to the conclusion of its fund’s lifespan.
In under four years since its initial investment, Mayfield India has successfully divested from BluSmart, reaping double the amount of its original investment. Mayfield has a notable investment portfolio in Indian startups such as Goat Brand Labs, Licious, and LendingKart.
According to a report on May 4, BluSmart successfully secured $42 million in funding, with $37 million raised through equity and the remaining amount through debt. Notably, the company’s six founders – Jaggi, Goyal, Arun, Garg, Sood, and Jain – subscribed to nearly 50% of the funding round.
In an interview, Jaggi revealed that “Mayfield India’s 2% stake was acquired at a valuation of Rs 1,600 crore (approximately $200 million). He expressed confidence in BluSmart’s rapid growth and emphasized that the founders believe in investing in our own business rather than supporting external ventures”.
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