Everest Fleet raises $20 million in funding led by Uber, eyes EV expansion

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Everest Fleet, a fleet management company headquartered in Mumbai, announced on June 14 the closure of a $20 million funding round led by Uber.

The company operates in the shared mobility space in India and is already a partner of Uber and Ola.

The company, in a statement, said that the funding secured will enable it to expand its operations and increase the overall supply pool for the ride-sharing industry. With demand consistently surpassing vehicle supply, this growth will help meet the increasing needs of the market.

"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," said Siddharth Ladsariya, Cofounder, Everest Fleet.

Presently, Everest Fleet boasts a workforce of over 10,000 drivers and operates in seven cities. The recent investment will fuel the company's expansion plans, enabling Everest Fleet to extend its presence to additional major cities and explore new territories worldwide.

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