With the purchase of Mayfield India’s 2% shares, the founders of BluSmart have further consolidated their holding in the company, and together, the six founders now own over 30% stake in the Gurugram-based startup.
Mayfield India, which was the first institutional investor in BluSmart, held around 2% stake after the company’s latest fundraise announced earlier this month. The US-based venture capital firm had invested an aggregate of Rs 15.5 crore across seed and Series A rounds, and is learnt to have sought an exit on account of its fund life coming to an end.
Mayfield India has exited the company in less than four years of its initial investment. The exit has fetched double the amount of investment Mayfield did in BluSmart. Mayfield has invested in Indian startups like Goat Brand Labs, Licious and LendingKart.
On May 4, ET reported that BluSmart has raised $42 million, of which $37 million was equity fundraise, and the remainder debt, from existing investors. During this funding round, almost 50% of the issue was subscribed by the company’s six founders – Jaggi, Punit Goyal, Anirudh Arun, Tushar Garg, Rishab Sood, and Rahul Jain.
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“The 2% stake that Mayfield India held was purchased at a valuation of Rs 1,600 crore (around $200 million),” Jaggi told ET. “BluSmart will continue to grow at a fast pace. We (founders) believe we should take a bet on our own business instead of backing somebody else’s business,” he said.