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

Jun 14, 2023•about 2 years ago

Amount Raised

$20 Million

ThaneFleet ManagementAutomotiveTransportation

Description

Ride-hailing company Uber has led a $20 million funding round in Mumbai-based fleet operator Everest Fleet, people aware of the matter told ET.The funding is Uber’s first inorganic investment in India, and comes in the backdrop of the US-based urban mobility company’s expansion into electric vehicle (EV) services for which it has partnered with several fleet operators including Everest.Powered ByVideo Player is loading.Play VideoPlaySkip BackwardUnmuteCurrent Time 0:01/Duration 50:00Loaded: 1.19%00:01Stream Type LIVESeek to live, currently behind liveLIVERemaining Time -49:59 1xPlayback RateChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedAudio Trackdefault, selectedPicture-in-PictureFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanOpacityOpaqueSemi-TransparentText BackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanOpacityOpaqueSemi-TransparentTransparentCaption Area BackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanOpacityTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.AdvertisementNotably, Everest also partners with Uber’s rival in India SoftBank-backed Ola.“This funding round will accelerate our transition from being a CNG-dominated fleet to one with CNG and electric vehicles in the next five years. By 2026, we aim to have 10,000 electric vehicles as part of our overall fleet,” Siddharth Ladsariya, co-founder, Everest Fleet, said.Currently, Everest is present in seven cities—Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune. With this investment, Everest said it plans to expand its footprint to other major Indian cities and new global territories.Even as Uber will only acquire a minority stake in Everest, this marks a step away from the company’s stance of not having a control on its fleet.Discover the stories of your interestBlockchain5 StoriesCyber-safety7 StoriesFintech9 StoriesE-comm9 StoriesML8 StoriesEdtech6 StoriesIn February, Uber signed a deal with Tata Motors to induct 25,000 EVs into its fleet

Company Information

Company

Everest Fleet

Location

Thane, Maharashtra, India

About

Everest Fleet Pvt Ltd is a fleet management company founded in Oct 2016. We have around 10,000+ cars running on UBER in Mumbai, Delhi, Bengaluru, Hyderabad, Pune, Kolkata & Chennai. We are one of the leading players in the fleet market. VISION To be the undisputed industry leader in fleet management and generating employment while continuing to provide the highest quality of service and support. MISSION To ease daily commute and enhance the experience of riding by ensuring efficiency across the channels. We are passionate about what we do and are willing to take that extra mile to deliver the best. We take the responsibility of our team to do their job respectfully while generating equal opportunities for them. We create a competitive atmosphere and recognize them on their performance, thereby continuously motivating the team and creating sense of belonging towards the company. We aim to impact the lives of the drivers in a significant sustainable manner for them to earn a respectable income for their families.

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