Artha Venture Fund partially exits Everest Fleet with 19x return

Mumbai-based early-stage microVC, Artha Venture Fund (AVF)-I, has recently announced a partial exit from Everest Fleet, a fleet management company, resulting in a return on investment of 19 times. Artha Venture Fund has been associated with Everest Fleet since 2019 and has witnessed the company’s growth to over 11,000 cars. Everest provides CNG and Electric cars for ridesharing platforms like Uber and Ola.

Everest Fleet recently secured a $20 million investment in a Series B round led by Uber and Paragon Partners.

The fund initially invested Rs 10 crore in Everest Fleet in 2019 and has achieved an Internal Rate of Return (IRR) of 105%. Additionally, several Limited Partners (LPs) who initially invested alongside Artha have exited 25% of their stake with corresponding returns.

The exit from Everest Fleet is the 31st for the Artha Group, which boasts a portfolio of over 100 companies. The group is currently focusing on the launch of its next early-stage microVC, Artha Venture Fund II. Artha Venture Fund (AVF) is an early-stage microVC firm with a corpus of ₹225 crores, established in late 2018.

Anirudh A Damani, Managing Partner at Artha Venture Fund, said, “Our association with Everest Fleet stands distinct. 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. Today, Everest Fleet isn’t just a leader in its domain but has also maintained profitability for two consecutive years.”

The Artha Group maintains a diverse investment portfolio spanning India, the US, Israel, Africa, and the UK, with managed assets valued at over INR 1,000+ crore. It serves as the parent entity for Artha Venture Fund, Artha India Ventures, Artha Select Fund, and the recently introduced Artha Continuum Fund. This initiative is tailored towards family offices and Ultra High Net Worth Individuals (UHNIs), with the objective of enabling their direct involvement in the bridge rounds of growth-oriented enterprises, added an official statement. Their investor base includes recognized names such as SIDBI, Shuchi Kothari, Narendra Karnavat, and the Dainik Jagran Family Office.

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