September 20, 2024: Everest Fleet has successfully raised ₹251.7 crore (approximately $30 million) in Series C funding, a significant step towards enhancing sustainable transportation in India.
The new capital will enable Everest Fleet to scale operations and expand its fleet of clean-energy vehicles, including CNG and electric vehicles (EVs). This funding follows a previous investment from Uber in 2023, when the company contributed to Everest Fleet’s $20 million funding round.
The decision to issue 13,726 Series C preference shares was made by the firm’s board as part of a broader initiative to secure a total of $50 million in this funding round.
“India’s shared mobility landscape is rapidly transforming, and we are eager to lead this evolution,” said Siddharth Ladsariya, Founder of Everest Fleet. “This investment will significantly enhance our capabilities as we expand our fleet of CNG and electric vehicles, contributing to a greener future and reduced emissions.”
Established in 2016, Everest Fleet specializes in providing comprehensive fleet management solutions and serves as a critical partner to ride-sharing services like Uber and its competitor, Ola.
Everest Fleet Manages 18,500 Vehicles Across Cities
The company currently manages over 18,500 vehicles across various cities and holds the distinction of being Uber’s largest professionally owned fleet supplier in India. Earlier this year, Axis Bank also extended a $12 million loan to Everest Fleet, backed by GuarantCo, to further bolster its transition to sustainable electric fleet operations.
As the demand for eco-friendly transportation options continues to grow, the company is positioned to play a pivotal role in the shift towards a more sustainable mobility ecosystem in India.
The investment led by the U.S.-based ride-hailing giant Uber. The investment marks an important milestone for the Mumbai-based fleet management company, as detailed in a recent filing with the Registrar of Companies.
