Everest Fleet, a fleet management company based in Mumbai, has announced that it received $20 million in funding from Uber and other investors in a recent funding round. This investment will be used to expand its operations and add more electric and CNG vehicles to its fleet. The company’s goal is to have 10,000 electric vehicles in its fleet by 2026.
Everest Fleet is an existing partner of Ola and Uber and operates in the shared mobility space in India. Currently, the company has over 10,000 drivers and is present in seven cities in the country.
With this funding, Everest Fleet plans to expand its operations to other major cities and global territories. Everest Fleet started operating in 2016 with only two cars but has rapidly grown to over 10,000 cars that are running on ride-sharing platforms in India.
Siddharth Ladsariya, the co-founder of Everest Fleet, stated that 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. The demand for electric vehicles in the ride-sharing industry continues to grow, and this funding will enable Everest Fleet to meet this demand.
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 of Uber India and South Asia.
The funding received by Everest Fleet will help to boost the ride-sharing market in India and promote the use of electric vehicles in the country. The investment will also enable Everest Fleet to expand its presence and become a major player in the ride-sharing industry globally.
