Uber To Invest $20 Mn In Fleet Management Startup Everest Fleet

Uber-Backed Mobility Platform Everest Fleet Bags INR 50 Cr To Venture Into New Markets

SUMMARY

Uber is set to infuse $20 Mn (about INR 177 Cr) in the fleet management platform Everest Fleet

Everest Fleet plans to deploy the fresh capital to meet general operating needs, working capital requirements, capital expenditure and to expand the business operations

This marks Uber's second investment in the startup in less than a year after investing $30 Mn in the startup’s Series C round in September 2024

Ride-hailing major Uber is set to infuse $20 Mn (about INR 177 Cr) in the fleet management platform Everest Fleet. As per Everest Fleet’s filing with the Registrar of Companies (RoC) , the startup’s board passed a resolution to approve the issue of 9,682 Series C CCPS shares at an issue price of INR 1.8 Lakh each to raise the amount.

Everest Fleet plans to deploy the fresh capital to meet general operating needs, working capital requirements, capital expenditure and to expand the business operations.

The development was first reported by Entrackr.

This marks Uber’s second investment in the startup in less than a year after investing $30 Mn in the startup’s Series C round in September 2024.

With the latest investment, Uber India will hold about 15.62% stake in the startup, while founder Siddharth Ladsariya retains a 49.54% stake. Everest Fleet also has an ESOP pool accounting for 4.52% of its shareholding.

Founded in 2016 by Ladsariya, Everest Fleet is a logistics tech startup that operates a fleet management platform. It owns and manages more than 18,000 CNG and electric vehicles. The startup has raised over $57 Mn in total funding since inception from investors like Paragon Partners, Artha Capital, Rockstud Ventures, among others.

It offers its rented vehicle services to drivers who want to work with ride hailing platforms like Uber, Ola and Rapido. Further, it also offers its fleets to ride-hailing platforms to further enhance their operations and the logistics sector.

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.

The funding comes at a time when the Centre is pushing for the adoption of EVs in the country. Last year, the government came with its PM E-DRIVE scheme which aims to transition 8 Lakh diesel buses to EVs and offer demand incentives for EVs.

At the heart of this is India’s burgeoning ride-hailing and taxi market, which is projected to become a $61.8 Bn opportunity by 2033.