Everest Fleet raises $20 mn led by Uber, to boost ride sharing market

New Delhi, June 14

Fleet management company Everest Fleet on Wednesday said it has closed a $20 million funding round led by Uber.

Mumbai-headquartered Everest fleet operates in the shared mobility space in the country and is an existing partner to Uber and Ola.

The company said that fresh funds will enable it to expand its operations and grow the overall supply pool available for the ride-sharing industry, where demand continues to outstrip vehicle supply.

"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.

Everest Fleet currently employs more than 10,000 drivers and is present in seven cities.

With this investment, Everest said it will expand its footprint to other major cities and new global territories.

Founded in 2016, the company rapidly scaled its operations from just two cars to over 10,000 cars, that are running on ride-sharing platforms in the country.

"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.