Early-stage VC firm, Rockstud Capital has proclaimed to carry out a funding round in B2B fleet management services, Everest Fleet Pvt. Ltd, according to a media report.
Artha Venture, Rockstud and some angel investors have also participated in the funding round of Everest Fleet. They have infused INR 7.90 crore collectively in the round, as reported by the daily news, VC Circle.
With this investment round, Rockstud has made its first capital infusion.
Everest Fleet renders fleet management services to ride-hailing companies like Uber and Ola.
It will use the funding for working capital, as well as to increase its fleet size, and hire drivers. It is looking to scale its fleet to over 500 taxis within the next year, and is also exploring the possibility of adding electric vehicles to its fleet, Founder of Everest Fleet, Siddharth Ladsariya told the daily news.
Everest has been successful at addressing operational issues relating to the management of taxis and their drivers, Rockstud told the daily news.
Rockstud was incorporated in 2018. The company asserts to be a sector-skeptical fund that concentrates on pre-Series A round.
We understand that we are a small fund, but basically we would be one of the unique funds investing in pure startups as well as equity markets, Founder of Rockstud Capital, Abhishek Agarwal told the daily news a year ago.