Everest Fleet, a Mumbai-based fleet management company, has successfully raised $30 million in its ongoing Series C funding round, led by Uber India. This investment marks a significant step towards scaling Everest Fleet’s operations and enhancing its fleet of eco-friendly vehicles, including compressed natural gas (CNG) and electric vehicles (EVs).
Founded by Siddharth Ladsariya, Everest Fleet is dedicated to revolutionizing the shared mobility landscape in India. The recent capital infusion will primarily support the company’s growth initiatives, facilitating the expansion of its CNG and EV fleet in alignment with India’s sustainable transportation goals.
“The shared mobility sector is rapidly evolving, and we are committed to playing a pivotal role in this transformation,” said Ladsariya. He emphasized that the investment will accelerate Everest Fleet’s efforts in promoting clean energy transportation, helping to reduce emissions across urban areas.
Earlier this year, Everest Fleet secured a $12 million loan from Axis Bank, backed by GuarantCo, to expedite its transition to a sustainable electric fleet. In a previous round, the company had also raised $20 million from Uber, indicating a strong partnership and commitment to innovation within the mobility sector.
As ride-hailing platforms in India face increasing demand and a shortage of vehicles, Everest Fleet is well-positioned to address these challenges by providing a reliable and scalable supply of vehicles to platforms like Uber. In September 2023, Everest received an additional $6 million from private equity firm Paragon Partners, bringing its valuation to approximately $217 million.
Last year, Ladsariya set ambitious targets to convert the company’s fleet from CNG to EVs, with plans to deploy 10,000 electric vehicles by 2026. As part of its strategy, Everest Fleet has partnered with Tata Motors to enhance its EV acquisition.