Everest Fleet, has successfully closed a $20 million funding round with ride-hailing giant Uber at the helm. The significant, and strategic investment will fast-track Everest Fleet to expand its operations beyond Mumbai and venture into other major Indian cities as well as new global territories.
The Mumbai-based fleet supplier, funding coincides with Uber’s recent foray into electric vehicle (EV) services, exemplified by the launch of its Uber Green service in Delhi, Mumbai, and Bengaluru. The collaboration aims to deploy 25,000 EVs across Uber’s top seven cities, propelling the rise of EV-led shared mobility.
Additionally, Everest Fleet has collaborated with the Small Industries Development Bank of India (SIDBI) to facilitate loans worth Rs 1,000 crore, promoting the acquisition of eco-friendly vehicles fueled by clean energy sources like CNG.
Transition to Electric Vehicles: Siddharth Ladsariya, Co-founder of Everest Fleet, shared his vision for the future, stating, “The funding will accelerate our transition from a CNG-dominated fleet to a diverse fleet comprising CNG and electric vehicles over the next five years. By 2026, we aim to have 10,000 EVs as part of our overall fleet.” This strategic move aligns with the industry’s growing emphasis on sustainability and eco-conscious transportation solutions.
Everest Fleet; Expanding Footprint and Uber Partnership
According to the company statement, Everest fleet which currently operates in seven Indian cities including Mumbai, Delhi, and Bengaluru, has emerged as a key player in India’s shared mobility space. Notably, the company is not only an esteemed partner of Uber but also collaborates with Uber’s primary competitor, Ola. This significant investment from Uber signifies a shared commitment to facilitating easy access to vehicles for drivers across India, unlocking new earning opportunities for tens of thousands of drivers.
Enriching Rider Experience: Prabhjeet Singh, President of Uber India and South Asia, emphasized the importance of offering a seamless service experience to riders, stating, “Everest has set new industry benchmarks in asset utilization and grown its fleet at an impressive pace. With the addition of new cars, including electric vehicles, Uber will continue to deliver a great service experience to riders.” This collaboration aims to enhance the quality of Uber’s services while embracing the global shift towards sustainable transportation.
