Uber Invests $20M in Everest Fleet to Expand EV Operations

Uber​‍​‌‍​‍‌​‍​‌‍​‍‌ India has deepened its collaboration with Mumbai-based fleet management startup Everest Fleet by a new $20 million (approximately ₹177 crore) investment, which is the second major funding of Uber within a year, thus reflecting their trust in the eventually playing a pivotal role of Everest Fleet in expanding sustainable mobility solutions across India.

Everest Fleet that was founded in 2016 by Siddharth Ladsariya, has grown into one of the largest shared mobility and fleet management platforms in India with more than 18,000 vehicles of CNG, electric, and goods categories under its operations. The company is a good business partner of major ride-hailing platforms like Uber, Ola, and Rapido and its projects have reached important metros such as Mumbai, Delhi, Bengaluru, Hyderabad, and Chennai.

Therefore, the fresh fund will be chiefly used to ramp up fleet operations, and working capital, and as a result, expedite the emission-free transition of the vehicles with the electric and CNG segments. Everest Fleet crossed the ₹1,000 crore revenue mark in FY24, growing more than two times year on year, and during the same period, it recorded a profit of ₹38 crore.

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Everest's investors include Uber, Paragon Partners, Artha Capital, and Rockstud Ventures, and rose over $57 million so far. As the largest fleet partner of Uber India and its third-largest globally, Everest Fleet is crucial in providing the reliability of Uber's operations and helping the company achieve its electrification goals.

This investment is a clear indication of Uber's long-term strategy of supporting EV adoption and sustainable urban mobility and thus, strengthening the position of Everest Fleet as a significant facilitator in India's rapidly expanding fleet management and clean transportation ​‍​‌‍​‍‌​‍​‌‍​‍‌ecosystem.