Everest Fleet, a tech-enabled fleet management company, has raised Rs 50 crore in a Series A round led by Paragon Partners, a mid-market private equity firm. The company plans to use the funds to expand its fleet size, enhance its technology platform, and strengthen its presence across India.
Everest Fleet provides end-to-end fleet management solutions to corporates, including driver hiring and training, vehicle maintenance, insurance, and compliance. Everest Fleet claims to have over 1,000 vehicles under its management, serving clients such as Ola, Uber, Swiggy, Zomato, and Amazon.
The company leverages data analytics and artificial intelligence to optimise fleet operations and reduce costs. It also offers a digital platform for drivers to access various services such as loans, insurance, and healthcare.
Everest Fleet well-poised to capture the growing demand
Sumeet Nindrajog, Senior Partner at Paragon Partners, said, “We are excited to partner with Everest Fleet, which is disrupting the traditional fleet management industry with its tech-enabled platform. We believe that the company has a strong value proposition for both corporates and drivers, and is well-positioned to capture the growing demand for organised fleet services in India.”
Paragon Partners is a Mumbai-based private equity firm that focuses on investing in mid-sized companies in sectors such as consumer, financial services, infrastructure services, and healthcare. The firm has invested in companies such as Capacit’e Infraprojects, Maini Precision Products, Cravatex Brands, and InCred.
Ankit Jain, Co-founder and CEO of Everest Fleet, said, “We are delighted to have Paragon Partners as our investors and partners in our growth journey. Paragon Partners brings deep domain expertise and operational experience that will help us scale our business and create value for our stakeholders. We are committed to providing best-in-class fleet management solutions to our clients and empowering our driver partners with better livelihood opportunities.”
Everest Fleet was founded in 2019 by Ankit Jain and Prateek Garg, who have over a decade of experience in the mobility sector.
