Everest Fleet secures $30M as a part of series C round • EVreporter

Everest Fleet, a fleet management company in India, has raised $30 million as part of its ongoing $50 million Series C funding round. This investment will support Everest Fleet’s operations and enable the expansion of its fleet of clean-energy vehicles, including CNG and electric vehicles (EVs).

Everest Fleet has previously secured funding to support its operations. In 2023, the company raised $20 million, with Uber as a significant contributor. Earlier this year, Axis Bank provided a $12 million loan, backed by GuarantCo, to facilitate Everest’s transition to sustainable electric fleet operations in India.

Siddharth Ladsariya, Founder, Everest Fleet, said, “The shared mobility space in India is evolving rapidly, and we are committed to playing a leading role in this transformation. This investment will fuel our growth as we expand our fleet of CNG and electric vehicles, further supporting India’s shift toward sustainable transportation and helping reduce emissions.”

Everest Fleet serves as a fleet partner for ridesharing platforms like Uber and Ola, operating within the shared mobility sector. Since its establishment in 2016, the company has grown its operations and currently manages a fleet of over 18,500 vehicles in multiple cities, including Mumbai, Delhi, Hyderabad, Pune, Chennai, Kolkata, and Bangalore. The company emphasizes clean fuel solutions and seeks to establish standards in fleet management and ridesharing operations.

Also read: Artha Venture Fund partially exists Everest Fleet with 19x return