Uber-backed fleet management start-up Everest Fleet has seen two investors -- Artha Venture Fund and Rockstud Capital exit the firm. This comes days after securing funding from Uber and Paragon Ventures.

Alternative asset management firm Rockstud Capital claimed to have made a return of 18.8X on its investment in Everest Fleet via this exit, while early-stage VC Artha claimed a return of 19X.

The early stage VC Artha has only partially exited the start-up. In 2019, Artha had invested Rs 10 crore in Everest Fleet . The VC firm did not disclose the quantum of stake it has sold in this transaction.

“This makes Rockstud Capital one of the very select few VC Funds in the country to be able to return the entire capital back to its investors within the 5th year of operations. The fund has generated 18.8x return on its investment through this partial exit,” said Abhishek Agarwal, founder and managing partner of Rockstud Capital.

Both Artha and Rockstud invested in the start-up in 2019 as early investors, when Everest Fleet had a few hundred vehicles in its fleet.

“The venture confronted seemingly insurmountable challenges during the pandemic, facing a substantial setback. Yet, the resilience and innovative mindset of the founding team shone through. Their pivot to an asset-financing model unlocked considerable capital and enabled them to transition to an asset-light model in a traditionally capital-intensive sector” said Anirudh A Damani, managing partner at Artha Venture Fund.

Everest Fleet, which recently secured $6 Mn in a strategic investment from Paragon Ventures operates a fleet of more than 13,000 green fuel (CNG and electric) cars. It has a presence in seven cities – Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata and Pune. The startup also picked up $20 million in a round led by Uber last month.

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