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

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

June 14, 2023 / 15:41 IST
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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.

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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.