Bengaluru : Early stage investor Artha Venture, which has backed startups such as Agnikul and LenDen Club, has partially exited Mumbai-based fleet operator Everest Fleet for $2 million (around ₹16.5 crore).
Since 2019, the firm has invested a total of ₹10 crore in Everest Fleet, which recently closed a $20 million funding round led by ride hailing platform Uber. The partial exit from Everest marks the first exit for Artha Ventures Fund-I, which has a corpus of ₹225 crore.
Talking to ET, Artha Venture Fund’s managing partner Anirudh Damani said that the firm was targeting two more exits, partial and complete, in the next 12 months.
“We continue to hold some stake in Everest Fleet because it’s a profitable company and we see it eventually becoming a candidate for an initial public offering (IPO),” Damani said. Damani has previously led his family office’s alternative investments, and has backed startups such as Oyo, Rapido, Purplle, among others. —Our Bureau