Everest Fleet raises $20 mn to build capacity in Uber-led funding round

Firm operates in shared mobility space, is a partner to top ridesharing companies such as Uber and Ola, plans to add 10,000 EVs to existing fleet

Car rental company Everest Fleet has closed a $20 million funding round led by Uber, the global ridesharing leader. Everest fleet operates in the shared mobility space in India and is an existing partner to leading ridesharing companies such as Uber and Ola.

The funding will enable Everest Fleet to expand its operations and grow the overall supply pool available for the ridesharing industry where demand continues to outstrip vehicle supply.

Siddharth Ladsariya, Co-founder, Everest Fleet, said, “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.”

Currently, Everest employs upwards of 10,000 drivers and is present in seven cities--Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata and Pune. With this investment, Everest will expand its footprint to other major Indian cities and new global territories.

Prabhjeet Singh, President, Uber India and South Asia said, “Helping drivers get easy access to vehicles is a key priority for Uber and this investment will unlock earning opportunities for tens of thousands of drivers across India. 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.”

Headquartered in Mumbai, Everest Fleet was founded in 2016 and has scaled its operations from just two cars to over 10,000 vehicles.