Uber leads $20M investment in Everest Fleet

Mumbai-based fleet supplier Everest Fleet has closed a $20 million funding round led by ride-hailing platform Uber. 

With this investment, Everest plans to expand its footprint to other major Indian cities and new global territories, the company said in a statement. 

The investment comes in the backdrop of the US-based mobility company’s expansion into electric vehicle (EV) services. Last month, the company launched Uber Green service in India, starting with Delhi, Mumbai, and Bengaluru, where users can request an EV for their commute.

Its partners—Lithium Urban Technologies, Everest Fleet, and Moove—will deploy 25,000 EVs across Uber's top seven cities to catalyse the push into EV-led shared mobility.

In addition, it has also signed a deal with the Small Industries Development Bank of India (SIDBI) to help facilitate loans worth Rs 1,000 crore to acquire environmentally friendly vehicles like those running on clean fuels such as CNG. 

“The funding will accelerate our transition from being a CNG-dominated fleet to one with CNG and electric vehicles in the next five years. By 2026, we aim to have 10,000 EVs as part of our overall fleet,” said Siddharth Ladsariya, Co-founder of Everest Fleet. 

Everest Fleet operates in the shared mobility space in India and is an existing partner to Uber’s rival Ola as well. Currently, it is present in seven cities, including Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune.

“Helping drivers get easy access to vehicles is a key priority for Uber, and this investment will unlock earning opportunities for tens of thousands of drivers across India," Prabhjeet Singh, President of Uber India and South Asia, said.

"Everest has grown its fleet at an impressive pace and has set new industry benchmarks in asset utilisation. With the addition of new cars, including electric vehicles, Uber will continue to deliver a great service experience to riders,” he added.