Everest Fleet raises $30M in Series C funding
The fundraise, which is part of Everest Fleet's ongoing $50 million Series C round, will be used to expand its clean-energy vehicles fleet.
Fleet management company has raised Rs 251.7 crore ($30 million) in Series C funding from US-based ride hailing platform Uber, according to a Registrar of Companies filing.
The company’s board passed a resolution to issue 13,726 Series C preference shares to raise the amount which is part of its ongoing $50 million Series C funding round.
Mumbai-based Everest Fleet said in a statement that the fundraise will help it scale its operations and expand its fleet of clean-energy vehicles, including CNG and electric vehicles (EVs).
After the fundraise, the company has a post money valuation of $440 million, according to the company.
This is also the second time Uber is investing in the company after contributing to Everest Fleet’s $20 million funding round in 2023.
“The shared mobility space in India is evolving rapidly, and we are committed to playing a leading role in this transformation. This investment will fuel our growth as we expand our fleet of CNG and electric vehicles, further supporting India’s shift toward sustainable transportation and helping reduce emissions,” said Siddharth Ladsariya, Founder of Everest Fleet.
Founded in 2016, the company provides end-to-end fleet management solutions for fleet operators, and also operates as a fleet partner to ride sharing platforms such as Uber and its rival Ola.
Everest Fleet manages a fleet of over 18,500 vehicles across multiple cities and is Uber’s largest professionally owned fleet supplier in India, according to the company.
Earlier this year, Axis Bank extended a $12 million loan, backed by GuarantCo, to accelerate Everest's shift towards sustainable electric fleet operations in India.
Edited by Jyoti Narayan