Uber-backed mobility startup, Everest Fleet, has reported remarkable growth, more than doubling its scale while maintaining profitability for the second consecutive year. The company’s revenue for the fiscal year 2024 surged by 120.7%, reaching Rs 1,029.44 crore, up from Rs 466.53 crore in FY23, according to its consolidated financial statement filed with the Registrar of Companies (RoC).
Everest Fleet operates in fleet management and passenger transportation, generating revenue primarily through customer trip-based services and agreements. In addition to these, the company also offers B2B services such as food logistics and corporate car rentals. The company saw additional earnings of Rs 27.71 crore from interest and financial asset gains, bringing its total revenue to Rs 1,057 crore for FY24.
As a key player in India’s shared mobility sector, Everest Fleet is Uber India’s largest fleet supplier and partners with other ridesharing platforms like Ola. The company operates a fleet of over 18,500 cars across seven major cities, including Mumbai, Delhi, Hyderabad, Chennai, Kolkata, and Bengaluru.
While the company maintained profitability, expenses increased significantly. Employee-related costs rose by 104% to Rs 68.28 crore, finance costs surged by 150%, and depreciation costs also saw a sharp increase. As a result, the company’s total expenditure more than doubled to Rs 1,007 crore for FY24. Despite the higher costs, Everest Fleet managed a profit of Rs 37.94 crore, although it saw an 8% decline compared to the previous fiscal year’s profit of Rs 41.23 crore.
Everest Fleet’s operating cash flow improved by 80.1%, reaching Rs 41.09 crore. The company recorded an EBITDA margin of 13.04% and a return on capital employed (ROCE) of 13.29%, according to financial insights from TheKredible. On a unit basis, the company spent Re 0.98 to generate one rupee of operating revenue during FY24.
In terms of funding, Everest Fleet raised $30 million from Uber, adding to a total of $63 million raised from investors such as Paragon Partners, Rockstud Capital, Incred Capital, and others. The company also received a $20 million commitment from the International Finance Corporation (IFC) in August 2023. With plans for further expansion, Everest Fleet is looking to scale its operations and enhance its fleet with clean-energy vehicles, including CNG and electric cars.