Uber Increases Investment in Everest Fleet to Support Growth

Uber is set to inject an extra $20 million (Rs 177.5 crore) into the mobility firm, Everest Fleet, following its previous investment of $30 million in September last year. This represents Uber’s third funding round for the company, known for managing a fleet of taxis on its platform.

The board at Everest Fleet has approved the release of 9,682 Series C CCPS at an issue price of Rs 1,83,388 each, which will facilitate raising the noted amount from Uber, as disclosed in a filing to the Registrar of Companies (RoC).

The Mumbai-based enterprise plans to use the new capital for essential corporate needs, increasing working capital, capital expenditures, and expanding its operational reach, as highlighted in the filing.

According to estimates by Startup Superb, the post-money valuation of the company is projected to remain steady at around Rs 3,700 crore ($420 million).

Established in 2016, Everest Fleet has become a prominent shared mobility and fleet management organisation in India. It collaborates with ride-hailing services such as Uber and Ola, operating over 18,500 CNG, electric, and goods vehicles across major urban areas for mobility and logistics solutions.

The firm has successfully secured approximately $75 million in previous funding rounds, as detailed by multiple sources. Post this latest investment, Uber India will possess about 15.62% of the firm, while the founder Siddharth Anand Ladsariya will maintain a 49.54% stake. Additionally, Everest Fleet holds an ESOP pool that constitutes 4.52% of its shareholding.

In June 2023, Uber spearheaded a $20 million investment in Everest Fleet, which also enabled a partial exit for early investors such as Artha Venture.

For the fiscal year ending March 2024, Everest Fleet reported that its revenue doubled, exceeding Rs 1,000 crore, and recorded a profit of Rs 38 crore. The company has yet to submit its financial statements for FY25.