Everest Fleet has secured $20 million (Rs 164 crore) in funding round led by Uber, the ridesharing company.
Everest fleet operates in the shared mobility space in India and is an existing partner to leading ridesharing companies like Uber and Ola.
The funding will enable Everest Fleet to expand its operations and grow the overall supply pool available for the ridesharing industry where demand continues to outstrip vehicle supply.
Commenting on the fundraise, Siddharth Ladsariya, Cofounder, Everest Fleet said, “This funding round will accelerate our transition from being a CNG-dominated fleet to one with CNG and electric vehicles in the next 5 years. By 2026, we aim to have 10,000 electric vehicles as part of our overall fleet. With continued scale-up of our operations, we aim to offer a rewarding driver partner proposition while helping our partners deliver a superlative experience to their customers.”
Prabhjeet Singh, President, Uber India and South Asia said, “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.”
Currently, Everest employs upwards of 10 thousand plus drivers and is present in 7 cities, including – Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Kolkata, and Pune.
With this investment, Everest will expand its footprint to other major Indian cities and new global territories.
Headquartered in Mumbai, Everest Fleet was founded in 2016, and has rapidly scaled its operations from 2 cars to over 10,000+ cars, achieving industry-leading car utilization levels.