India

Artha makes 19x return in partial exit from Everest Fleet

Date: October 4, 2023.Artha Venture announced its partial exit from the Uber-backed Everest Fleet. This move has 19x return on Artha Venture’s initial investment.

The Everest Fleet had caught the attention of Artha Venture due to its innovative approach in solving logistics challenges in emerging markets. Artha Venture’s early investment played a pivotal role in facilitating Everest Fleet’s growth and expansion across multiple geographies.

Everest Fleet a key partner to ride-hailing giants Uber and Ola. That recently concluded a $20 million funding round led by Uber. In this round, several limited partners who had initially invested in the company alongside Artha Venture Fund (AVF) opted for partial exits. Artha Venture Fund reported an impressive 19x return on its investment, translating into an initial rate of return of 105%. Artha initially invested Rs 10 crore in Everest Fleet in 2019 and has participated in three funding rounds. Everest Fleet, established seven years ago, holds the distinction of being Uber’s largest professionally managed fleet supplier in India.

The partial exit from Everest Fleet highlights the strength of the startup ecosystem in India, which continues to attract global attention and investment. As the venture capital landscape evolves, success stories like this serve as a testament to the potential for significant returns in the Indian startup ecosystem.

Artha Group is celebrating its 31st exit with over 100 firms in its portfolio. Moreover, the group is poised for a significant fund return as it plans to fully divest from Everest, one of its portfolio companies, which includes holdings in businesses like AgniKul, LenDenClub, Everest Fleet, Daalchini, and Elev8 India Sportz. Currently holding a high single-digit interest in Everest, Artha Group intends to sell its stake in preparation for Everest’s anticipated initial public offering (IPO) within the next 24 to 36 months, aiming for a return exceeding the total fund amount.

Artha Venture looks forward to continuing its mission of identifying and supporting innovative startups that have the potential to disrupt industries and deliver impressive returns for their investors.

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