Uber Leads $20 Mn Funding Round In Mumbai-Based Everest Fleet

Mumbai-based fleet-management company Everest Fleet has secured $20 Mn in a funding round led by ride-hailing major Uber.

According to Siddharth Ladsariya, cofounder, Everest Fleet, this funding round will accelerate the company’s transition from being a CNG-dominated fleet to one with CNG and electric vehicles in the next five years. Everest Fleet aims to have 10,000 electric vehicles by 2026 as part of its overall fleet, Ladsariya added.

Meanwhile, the funding marks Uber’s first inorganic investment in India.

Founded in 2016, Everest Fleet claims to operate with over 10,000+ cars currently with presence across metro cities. Currently, it operates in seven cities including Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune.

However, the company plans to expand its footprint to other major Indian cities and new global territories using the fresh capital.

“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. Everest has grown its fleet at an impressive pace and has set new industry benchmarks in asset utilization. With the addition of new cars, including electric vehicles, Uber will continue to deliver a great service experience to riders,” Prabhjeet Singh, president, Uber India and South Asia said.

The development comes at a time when Uber is giving a major EV push to its fleets. In February, the company said it would introduce 25,000 EVs in the premium category service on its platform in partnership with Tata Motors.

Further, it signed a Memorandum of Understanding (MoU) with Tata Motors to introduce around 25,000 XPRES–T EVs.

Last month Uber said that it would add 25,000 electric cars on its platform in partnership with fleet providers such as Lithium, Everest and Moove as part of the launch of Uber Green in June. It also revealed its plans to roll out 10,000 electric two-wheelers in Delhi by 2024 along with Zypp Electric, another EV startup.

Also, Uber has committed to offer 100% rides using its zero-emission vehicles by 2040.

With climate change emerging as a major concern over the last few years, governments of almost all countries across the globe have been encouraging the growth of the EV industry.

The Indian government has announced a plan to develop a master app to track real-time availability of nearby EV charging slots. Many state governments such as Delhi, Karnataka, are also pushing EV growth.