[Update] Everest Fleet Raises $30 Mn From Uber In Series C Funding

Update | September 20, 3:05 PM

Mumbai-based fleet management startup Everest Fleet has raised $30 Mn (INR 250.7 Cr) as part of its ongoing Series C funding round from existing investor and ride-hailing major Uber.

Everest Fleet will deploy the fresh capital to strengthen its presence in the shared mobility sector, scale operations and expand its fleet of green fuel (CNG and electric) vehicles, the company said in a statement.

“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 and CEO of Everest Fleet.

Original Story | September 19, 7:02 PM

Mumbai-based mobility startup Everest Fleet has raised INR 251.7 Cr (about $30.1 Mn) from existing investor and ride-hailing major Uber via a preferential issue of shares.

In a filing with the Ministry of Corporate Affairs, Everest Fleet said its board passed a special resolution to issue 13,726 Series C compulsorily convertible preference shares at a face value of INR 1 each and a premium of INR 1.83 Lakh to Uber India. The aggregate amount of the shares is up to INR 251.7 Cr.

With this investment, Uber India has become the largest corporate shareholder in Everest Fleet with a 11.37% stake. Siddharth Ladsariya, cofounder of Everest Fleet, holds a 56.04% stake in the company.

Founded in 2016 by Siddharth Ladsariya, Himani Ladsariya, Prihaans Dedhiya, Monil Sheth, Anand Chheda, Amar Kerkar and Shivang Unadkat,  Everest Fleet operates in India’s fast-growing mobility sector with a fleet of nearly 18,000 green fuel (CNG and electric vehicle) cars. 

It has a presence in seven cities — Delhi, Bengaluru, Mumbai, Hyderabad, Chennai, Kolkata, and Pune. It also operates over 180 refrigerated vans to deliver perishable items across these regions.

Everest Fleet plans to utilise the fresh funds to meet its general operating, working capital requirements, capital expenditure and to expand business operations, the filing showed.

The development was first reported by Entrackr.

The funding marks the second investment by Uber in Everest Fleet. In June last year, Uber invested $20 Mn in the fleet management startup to fuel its transition from a CNG-dominated company to one with a mix of CNG and electric vehicles.

During an interaction with Inc42 last year, CEO Ladsariya said Everest Fleet aims to have a fleet of 10,000 electric cars by 2026. 

It is pertinent to note that Everest Fleet is Uber’s largest fleet partner in India and third globally, providing it with essential transportation services.

In September 2023, the startup bagged INR 50 Cr from Paragon Partners to venture into newer markets. According to Inc42 data, Everest Fleet has raised a funding of $27 Mn prior to this round. 

The latest funding round comes at a time when climate change and electric vehicles have taken a centre stage in the Indian startup and investor ecosystem. 

The Centre has been taking several measures to expand and strengthen the electric vehicle ecosystem in the country. Recently, the union cabinet approved two subsidy schemes — PM E-DRIVE and PSM — to drive EV adoption in India.

Ride-hailing majors such as Ola, Uber and Rapido have also intensifed their efforts to transition to a fully electric fleet. 

At the heart of this is India’s burgeoning ride-hailing and taxi market, which is projected to become a $13.6 Bn opportunity by 2027.