New Delhi: Media reports have indicated that Mayfield India, a venture capital firm, has sold its entire stake in BluSmart, an electric mobility startup, to the company’s CEO, Anmol Singh Jaggi, for approximately Rs 32 crore.
Following this transaction, BluSmart’s founders have also increased their ownership in the company by purchasing Mayfield India’s 2 percent shares. As a result, the six founders now collectively possess over 30 percent of the Gurugram-based startup.
Mayfield India initially invested in BluSmart during its seed and Series A rounds, contributing a total of Rs 15.5 crore. As the fund’s life was coming to an end, Mayfield sought to exit its investment in BluSmart. The venture capital firm, known for its investments in other Indian startups like Goat Brand Labs, Licious, and LendingKart, had a 2 percent stake in BluSmart prior to this transaction.
On May 4, BluSmart successfully raised USD 42 million from existing investors. This funding round included USD 37 million in equity and the remaining amount in debt. Notably, during this round, the company’s six founders, namely Jaggi, Punit Goyal, Anirudh Arun, Tushar Garg, Rishab Sood, and Rahul Jain, collectively subscribed to nearly 50 percent of the new shares issued.
With Mayfield India’s exit and the increased ownership of the founders, BluSmart continues to strengthen its position in the electric mobility sector. The funds raised will likely support the company’s expansion plans and further development of its innovative transportation solutions.