Paragon Partners backs Everest Fleet with a Rs 50 Cr growth investment

The investment will be deployed to accelerate Everest Fleet's growth and expansion into new markets.

Paragon Partners backs Everest Fleet with a Rs 50 Cr growth investment

Thursday September 21, 2023,

2 min Read

Private equity firm Paragon Partners has invested Rs 50 crore in Everest Fleet which will be deployed to accelerate the fleet management provider's growth and expansion into new markets.

The startup provides a ride-hailing platform with a standardised fleet of CNG and electric cars and driver personnel. Currently, it has a fleet of over 13,000 cars and operates in seven cities—Mumbai, Delhi, Hyderabad, Pune, Chennai, Kolkata, and Bengaluru.

"We envisage a future where fleet management providers will partner extensively with cab aggregation and ride-hailing platforms to provide India’s urban citizens with comfortable commute and travel options," said Siddharth Ladsariya, Founder and CEO of Everest Fleet, in a release.

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Founded in 2016, Everest Fleet is Uber’s largest professionally managed fleet supplier in India. The global ride-sharing company led a $20 million round into the Mumbai-based company.

"We firmly believe that the future belongs to an organised framework for shared mobility. Everest Fleet has a clear blueprint to unlock the immense potential for shared mobility in India through its fleet management solutions," said Sumeet Nindrajog, Co-founder and Senior Partner at Paragon Partners.

"We believe that it is well-positioned to capitalise on the growing need for reliable shared mobility structures and are excited to partner with them on their journey. Logistics and mobility are key areas of focus and Everest Fleet marks our second investment in this segment and the fourth investment from our second fund," he said.

Everest Fleet aims to onboard 10,000 EVs to its fleet by 2026.

Edited by Kanishk Singh