Artha Venture Fund (AVF), an early-stage microVC firm based in Mumbai, has recently announced a noteworthy partial exit from its investment in Everest Fleet, a distinguished fleet management company. This strategic move has yielded an astounding 19x return on AVF’s initial investment, underscoring the fund’s ability to identify and nurture high-potential startups. Everest Fleet, which recently secured $20 million in a Series B funding round led by Uber and Paragon Partners, has proven to be a lucrative investment for AVF.
In the wake of this successful exit, AVF has achieved an Internal Rate of Return (IRR) of an impressive 105%. The partial exit also saw several Limited Partners (LPs) who had initially collaborated with AVF in investing in Everest Fleet opt to partially exit their positions, further attesting to the venture’s profitability.
This exit from Everest Fleet constitutes yet another significant milestone for the Artha Group, adding to its ever-expanding list of successful exits. The Artha Group has now marked its 31st exit from a diverse portfolio encompassing over 100 startups. As AVF celebrates this achievement, the Artha Group is gearing up for the imminent launch of its next early-stage microVC, Artha Venture Fund II, underlining their unwavering commitment to fostering innovation and entrepreneurship.
Anirudh A Damani, the Managing Partner at Artha Venture Fund, lauded the resilience displayed by Everest Fleet in navigating the formidable challenges posed by the global pandemic. Despite the setbacks and uncertainties, the founding team’s unwavering commitment to innovation and excellence shone through, resulting in this remarkable exit.
Damani also shed light on their unique approach to investing in startups, stating, “Our partnership with Everest Fleet was far from conventional. We saw in them a robust business model that extended beyond the ‘technology-first’ approach commonly associated with startups. This successful exit reaffirms our philosophy that startups, with the right vision and execution, can create substantial value for all stakeholders.”
The Artha Venture Fund’s impressive track record in identifying and nurturing startups with exceptional growth potential has solidified its reputation as a prominent player in the venture capital landscape. This exit from Everest Fleet not only highlights their knack for identifying promising opportunities but also underscores their commitment to delivering impressive returns to their investors.
Everest Fleet’s recent Series B funding round, led by Uber and Paragon Partners, further validates the company’s standing in the competitive fleet management sector. AVF’s association with Everest Fleet is a testament to their ability to identify and support startups poised for exponential growth, contributing to the development of India’s entrepreneurial ecosystem.
As AVF looks ahead to its next venture with the launch of Artha Venture Fund II, it is evident that their dedication to fostering innovation and driving success in the startup ecosystem remains steadfast. This latest exit from Everest Fleet serves as a beacon of their continued success and their unwavering commitment to empowering visionary entrepreneurs on their journey to create groundbreaking solutions and transform industries.
