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Axis Bank Backs Everest Fleet With INR 100 Cr Loan To Accelerate Electric Mobility In India

SUMMARY

Everest Fleet will utilise the funds to add more electric vehicles (EVs) to its fleet

Uber-backed Everest Fleet currently operates a fleet of 16,500 green fuel vehicles (15,000 CNG and 1,500 electric) across Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune

The startup claimed to have achieved a revenue of INR 1,050 Cr in FY24

Axis Bank has extended a loan of INR 100 Cr ($12.1 Mn) to Everest Fleet for four years along with GuarantCo, a local-currency credit solution company, part of the Private Infrastructure Development Group (PIDG) as its guarantor. “From the outset, Everest Fleet prioritised unit economics, ensuring profitability from day one. Even as market dynamics shifted and incentives evolved, our robust operational model and economies of scale allowed for continued growth and resilience,” said Ladsariya.

Founded in 2016 by Siddharth Ladsariya, Everest Fleet will utilise the funds to add more electric vehicles (EVs) to its fleet. As a part of this transaction, GuarantCo has given its guarantee for two-thirds of the loan credited from Axis Bank to Everest Fleet.

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