Artha and Rockstud Exit Uber-Backed Everest Fleet with Over 18x Returns

Artha Exits

Three points you will get to know in this article:

  • Artha and Rockstud became early investors in the startup in 2019 when Everest Fleet had a few hundred vehicles.
  • Rockstud reported an 18.8X return on its Everest Fleet investment exit, while Artha claimed a 19X return.
  • Everest Fleet, backed by a $6 million investment from Paragon Ventures, manages over 13,000 eco-friendly cars fueled by CNG and electricity.

Everest Fleet, a startup in the fleet management domain backed by Uber, recently witnessed the departure of two investors, Artha Venture Fund and Rockstud Capital. This development unfolded just days after successfully securing funding from Uber and Paragon Ventures.

In the aftermath of this transition, Rockstud Capital proudly declared an impressive 18.8X return on its investment in Everest Fleet. Meanwhile, Artha Venture Fund celebrated an even more substantial return of 19X. Notably, Artha highlighted that this marked its maiden exit through Artha Venture Fund I.
The success of Everest Fleet seems to be resonating strongly with its investor base, as demonstrated by the remarkable returns claimed by both Artha Venture Fund and Rockstud Capital. This latest achievement not only solidifies Everest Fleet’s position in the market but also reflects positively on the strategic investments made by its supporters.

In the dynamic landscape of venture funding, Everest Fleet’s recent developments showcase the potential for lucrative returns, affirming the confidence of investors and underlining the promising trajectory of the company.

Absolutely, Artha hasn’t completely parted ways with the startup. According to Inc42, the venture capital firm clarified that it still maintains a ‘high single-digit’ ownership in the company. Artha reaped $2 million (approximately INR 17 crore) through this deal, marking a noteworthy return on its initial INR 10 crore investment back in 2019. Interestingly, the exact portion of the stake involved in this transaction remains undisclosed.

In the words of Abhishek Agarwal, the founder and managing partner at Rockstud Capital, “This achievement solidifies Rockstud Capital’s position among the select few VC funds in the country that have successfully returned the entire capital to investors within just five years of operations. Through this partial exit, the fund has delivered an impressive 18.8x return on its initial investment.”

Interestingly, both Artha and Rockstud jumped on board as early backers in 2019 when Everest Fleet was just getting started with a modest fleet of a few hundred vehicles.

Anirudh A Damani, the brain behind Artha Venture Fund, shared, “The journey faced some pretty daunting hurdles during the pandemic, dealing with a significant setback. But, the grit and inventive spirit of the founding crew truly stood out. Their shift to an asset-financing approach brought in substantial capital, allowing them to smoothly transition to an asset-light model in an industry known for its heavy capital demands.”

Everest Fleet, having recently secured a substantial $6 million boost in strategic investment from Paragon Ventures, is not only accelerating but transforming its trajectory. With a fleet exceeding 13,000 eco-friendly vehicles running on compressed natural gas (CNG) and electricity, Everest Fleet is making waves in seven major cities: Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune.

Adding more horsepower to their journey, the startup clinched an additional $20 million in funding just last month, led by the formidable force that is Uber. This influx of capital is not just about numbers; it’s a catalyst for change. Everest Fleet has a vision, and that vision involves a dynamic shift from a predominantly CNG-powered fleet to one that seamlessly integrates CNG and electric vehicles (EVs) over the next half-decade.

Looking ahead to 2026, Everest Fleet has set its sights on having an impressive 10,000 EVs as integral components of its expansive fleet. This strategic move isn’t just about staying current; it’s about leading the charge toward a greener, more sustainable future.
But Everest Fleet isn’t just about promises; they’ve already taken concrete steps. Following a significant order for 5,000 electric cars placed with Tata Motors earlier this year, the startup is actively deploying these EVs, marking a tangible commitment to their eco-conscious vision. As Everest Fleet continues to redefine the landscape of fleet management, the road ahead is not just paved; it’s charged with innovation and sustainability.

Everest Fleet’s recent investor transition, marked by impressive returns for Artha Venture Fund and Rockstud Capital, solidifies its position in the market. The success not only underscores the strategic prowess of its early backers but also signals the potential for lucrative returns in the venture funding landscape. With a growing fleet of eco-friendly vehicles and ambitious plans for a greener future, Everest Fleet is not just paving the way; it’s driving innovation and sustainability in the dynamic field of fleet management.

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