BluSmart founder Anmol Jaggi repurchases Mayfield's stake; delays $250M Series B round
Mayfield India had invested in BluSmart's seed round, as well as its Series A funding round.
Anmol Jaggi, Co-founder of electric vehicle ride-hailing startup , has bought out Mayfield India's stake in the company for Rs 32 crore, he told YourStory in an interaction.
Jaggi added that the company has put off the $250 million Series B round it exclusively told YourStory in January this year.
Mayfield India had invested a total of Rs 15.5 crore in BluSmart's seed and Series A round. The private equity firm was able to exit its seed investment with a 5X return, and its Series A investment earned a 2X return, Jaggi told YourStory.
The six co-founders now own a little over 30% of the company.
News of Mayfield India exiting its shareholding in the company to BluSmart was first reported by The Economic Times.
BluSmart recently raised $42 million in equity and debt funding from existing investors such as BP Ventures, the investment arm of energy company BP in its Series A2 round, thus bringing the Series A total to $85 million. A majority of the proceeds came from the founding team, who contributed nearly half of the total amount in the Series A2 round.
YourStory had earlier exclusively reported that BluSmart was looking to raise $250 million from a large pension fund and a climate-focused fund. Talks were reportedly at an advanced stage, and only the final sign-offs were pending.
That may not happen anytime soon though, said Jaggi, adding the Series A2 round has provided the company enough liquidity and runway to continue expanding aggressively.
"We're in no rush to do a big round anymore. We're adequately funded; our burn rate is extremely low," Jaggi told YourStory.
He added that the company, if needed, might do a smaller Series B round sometime this year.
Edited by Suman Singh