The Busy Brains
14 Jun 2023
Everest Fleet, a dynamic mobility startup, has successfully concluded a funding round, raising an impressive $20 million. The round was spearheaded by Uber, the renowned global ride-hailing major.
Everest Fleet, a dynamic mobility startup, has successfully concluded a funding round, raising an impressive $20 million. The round was spearheaded by Uber, the renowned global ride-hailing major. This latest funding infusion comes after Everest Fleet had already secured approximately $8 million in equity capital across three previous rounds.
The substantial financial injection will empower Everest Fleet to embark on an ambitious expansion plan. By increasing the overall supply pool available for the rapidly growing ridesharing industry, Everest Fleet aims to address the persistent issue of demand consistently outstripping vehicle supply. In a recent press release, the company expressed its confidence that this capital influx would pave the way for expanding its operations and driving further growth.
Uber's involvement in this funding round marks one of its initial direct investments in an Indian startup. Previously, Uber was a shareholder in Zomato, a popular food delivery platform, following the acquisition of UberEats' operations in India in January 2020. However, Uber made a complete exit from Zomato in August 2022.
In a bid to bolster the adoption of electric vehicles (EVs) in India, Uber joined forces with Everest Fleet, Lithium Urban Technologies, and Moove last month. Together, they plan to deploy an impressive fleet of 25,000 electric cars through Uber's platform over the next two years.
Everest Fleet, founded in 2016, specializes in the shared mobility sector in India. As a trusted partner to ridesharing giants like Uber and Ola, the company has solidified its position as Uber's largest professionally managed fleet supplier in the country.
Siddharth Ladsariya, co-founder of Everest Fleet, expressed his enthusiasm about the funding round, stating,
"This funding round will accelerate our transition from a CNG-dominated fleet to a diversified fleet consisting of both CNG and electric vehicles over the next five years. By 2026, we aim to have 10,000 electric vehicles as part of our overall fleet."
Ladsariya's vision highlights Everest Fleet's commitment to embracing sustainable transportation solutions and contributing to a greener future.
Presently, Everest Fleet boasts a robust workforce of over 10,000 skilled drivers and operates in seven major cities across India, including Mumbai, Delhi, Bengaluru, Hyderabad, and Chennai. However, the company has grand ambitions to expand its coverage to additional cities within India while also setting its sights on establishing a global presence, thanks to this recent investment.
In the fiscal year ending March 2022, Everest Fleet showcased an impressive financial performance. The company's scale flourished by 3.1 times, reaching Rs 113 crore during the same period, compared to Rs 36 crore in FY21. Notably, Everest Fleet achieved profitability, generating profits of Rs 11.7 crore in FY22, a significant turnaround from the Rs 1.97 crore loss incurred in FY21.
With its recent funding success, Everest Fleet is poised to drive innovation, expand its operations, and spearhead the adoption of electric vehicles within the ridesharing industry. As the company continues its growth trajectory, it remains committed to transforming the way people commute in India and beyond.