Rockstud Capital announces partial exit from Uber’s fleet service provider

• Rockstud Capital announces partial exit from Everest Fleet.
• Fund returns entire capital to limited partners in its fifth year of operations.
• Stake dale comes after Everest raised $20 mn from Uber, which is a part of its first inorganic investment in India.
  

Rockstud Capital, an alternative asset management firm, announced that it would sell a part of its stake in its portfolio company Everest Fleet. This is Rockstud’s first exit.

Everest Fleet, is a fleet management service provider to Uber India. The fund, which also invests in listed equities, has already exited its listed portfolio earlier this year. This along with its partial exit from Everest has enabled the Fund to return the entire capital back to its limited partners.

Commenting on the development, Abhishek Agarwal, Founder and Managing Partner of Rockstud Capital, said, “This makes Rockstud Capital one of the very select few VC Funds in the country to be able to return the entire capital back to its investors within the 5th year of operations. The Fund has generated 18.8x return on its investment through this partial exit.”

Everest Fleet recently announced funding of $20 million led by Uber. This is Uber’s first inorganic investment in India as it looks to expand into electric vehicle (EV) space for which it has partnered with several fleet operators including Everest. On the other hand, this funding will enable Everest to transition from being a CNG-dominated fleet to one with CNG and EVs over the next 5 years. By 2026, it aims to have 10,000 EVs as part of its overall fleet.

Rockstud Capital had invested in Everest Fleet in 2019 when the Company had presence only in Mumbai with 150 cars. Today, Everest is the largest fleet manager with over 13,000 cars spread across 7 cities – Mumbai, Delhi, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata. It has now also started deploying EVs after placing an order for 5,000 cars to Tata Motors at the beginning of the year.

Rockstud Capital had launched the first Fund at the end of 2018. It was a hybrid Fund that invested both in listed equities as well as unlisted equities(startups). It invested at Pre-Series A stage and across sectors like mobility, consumer brands, healthcare, fintech, agritech, among others. It built a portfolio of 10 companies from the first fund likes of BigHaat, Lilac Insights, Knorish, NOTO, MoneyClub to name a few. Recently, Rockstud Capital has announced a dedicated startup fund under AIF Cat-I for a fund size of INR 300cr and actively looking for new investments in the early stage startups

The second Fund strategy would continue to invest at Pre-Series A stage and follow a Yuva-Bharat theme by investing across five broad categories – sustainability, financial inclusion, health & safety, consumption and digitalization.