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Mayfield India: Year in Review 2021

Despite entering a second year of uncertainty with the COVID pandemic, 2021 has been an exciting and inspiring year for the entire Indian start-up ecosystem. This year we have witnessed, more than ever, the pioneering spirit of Indian entrepreneurs who have not only survived but thrived in a world that remained mostly remote. For us at Mayfield, it has been heartening to see our founders use adversity to innovate and scale their companies to ever-greater heights.

At Mayfield this year, we continued our commitment to partnering with world class entrepreneurs from inception and investing in relationships. We are grateful for the opportunity to serve as partners to world-class founders, as we look forward to another exciting year for the Indian early stage ecosystem.

Mayfield India Team members

Licious raises back to back rounds to become India’s first D2C unicorn; Mayfield takes partial exit

Licious is now delivering 1 million orders per month across 14 cities in India. It plans to utilize the capital to expand into new cities and double down on the RTC/RTE segment.

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Blackstone acquires majority stake in Edtech portfolio company Simplilearn; Mayfield makes full exit

Simplilearn had grown into a global leader in the skilling and certification segment having catered to over 2 million candidates at the time of our exit with over 60% revenues coming from global markets.

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LEAP raises capital from Morgan Stanley; Mayfield takes partial exit

LEAP has established itself as the market leader in India with an asset pool of over 4 million pallets to become a strong and sizably profitable business.

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Eatclub raises Series D round led by Tiger Global

Anchored by its largest brands Box8 and Mojo Pizza, Eatclub continues its journey to build India’s largest and densest kitchen network to deliver the best consumer experience.

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Amagi secures over $100M in funding; Mayfield makes full exit

Being the first institutional investor, we have witnessed Amagi transform from an India-focused player to a truly global SaaS enterprise on the back of their unique IP stack. They have scaled to 800+ channels across 40 countries, making them one of the largest cloud deployments in the world.

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M1xchange raises Series B round from Amazon Inc. and Beenext

M1xchange is leading the charge with over $2.3 billion of invoices discounted on its exchange. The company also received a license under ITFS for building out the same exchange for foreign trade.

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Mayfield makes its first space tech investment by leading Agnikul’s Series A round

IIT Madras-incubated Agnikul is looking to transform the small satellite launch market by democratizing access to space. This year it became the world’s first company to successfully test fire a fully 3D printed rocket engine.

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GOAT Brand labs raises Series A round from Tiger Global, Flipkart and Mayfield

Founded by former Flipkart executive Rishi Vasudev, GOAT brand labs is building a brand aggregation platform for the lifestyle segment.

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Strata raises follow-on round from Kotak, Gruhas; Mayfield and Elevation continue to back the company

With this round Strata will expand its footprint across the country and double down on its mission to fractionalize commercial real estate by providing access to an entirely new asset class for individual investors.

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Mayfield backed EV start-up Blusmart raises $25M in Series A round led by BP Ventures

Through its all-electric fleet, Blusmart has been disrupting the mobility landscape by providing reliable, zero-surge and zero-tailpipe emission ride-hailing service in Delhi NCR. With this capital, BluSmart aims to expand its network into other major cities across India.

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