Mayfield India, the venture capital firm, has completely exited its investment in BluSmart Mobility, an electric vehicle (EV) ride-hailing startup, as cofounder Anmol Singh Jaggi acquired Mayfield’s 2% stake for INR 32 crore. Mayfield was the first institutional investor in BluSmart, investing approximately INR 15.5 crore during the startup’s Seed and Series A funding rounds. Mayfield’s exit comes as the life of its fund concludes, doubling its initial investment.

BluSmart, which recently raised $42 million in a funding round, confirmed the development and stake acquisition by Jaggi. The startup saw significant participation from its founders and leadership team in the latest funding round. BP Ventures remains the largest shareholder in BluSmart with a 20% stake, while the cofounders’ total equity stake has now exceeded 30% following Jaggi’s purchase.

BluSmart aims to rapidly expand its operations across India and recently secured an INR 633 crore loan from Power Finance Corporation to add 5,000 EVs to its ride-hailing fleet and 1,000 cargo EVs for B2B operations. With the influx of funds from both debt and equity investments, the startup plans to grow its fleet to 10,000 vehicles by the end of the fiscal year 2024. Currently, BluSmart operates in Delhi NCR, Bengaluru, and other major cities, offering EV ride-hailing services and charging infrastructure.

Jaggi stated that BluSmart will continue to grow at a fast pace, and the cofounders believe in investing in their own business rather than backing someone else’s venture. The consolidation of Jaggi’s stake coincides with BluSmart’s ambitious plans for expansion and its goal to triple its fleet size within the next three quarters.

While many startup founders have recently left their companies to pursue other opportunities, Jaggi’s move to consolidate his position demonstrates his commitment to BluSmart’s growth and potential. Founded in 2019, BluSmart has completed over 5.3 million rides, covering more than 180 million zero-carbon kilometers, and aims to further contribute to India’s electric mobility revolution.

Mayfield India, the venture capital firm, has completely exited its investment in BluSmart Mobility, an electric vehicle (EV) ride-hailing startup, as cofounder Anmol Singh Jaggi acquired Mayfield’s 2% stake for INR 32 crore. Mayfield was the first institutional investor in BluSmart, investing approximately INR 15.5 crore during the startup’s Seed and Series A funding rounds. Mayfield’s exit comes as the life of its fund concludes, doubling its initial investment.

BluSmart, which recently raised $42 million in a funding round, confirmed the development and stake acquisition by Jaggi. The startup saw significant participation from its founders and leadership team in the latest funding round. BP Ventures remains the largest shareholder in BluSmart with a 20% stake, while the cofounders’ total equity stake has now exceeded 30% following Jaggi’s purchase.

BluSmart aims to rapidly expand its operations across India and recently secured an INR 633 crore loan from Power Finance Corporation to add 5,000 EVs to its ride-hailing fleet and 1,000 cargo EVs for B2B operations. With the influx of funds from both debt and equity investments, the startup plans to grow its fleet to 10,000 vehicles by the end of the fiscal year 2024. Currently, BluSmart operates in Delhi NCR, Bengaluru, and other major cities, offering EV ride-hailing services and charging infrastructure.

Jaggi stated that BluSmart will continue to grow at a fast pace, and the cofounders believe in investing in their own business rather than backing someone else’s venture. The consolidation of Jaggi’s stake coincides with BluSmart’s ambitious plans for expansion and its goal to triple its fleet size within the next three quarters.

While many startup founders have recently left their companies to pursue other opportunities, Jaggi’s move to consolidate his position demonstrates his commitment to BluSmart’s growth and potential. Founded in 2019, BluSmart has completed over 5.3 million rides, covering more than 180 million zero-carbon kilometers, and aims to further contribute to India’s electric mobility revolution.