Mobility startup Everest Fleet has successfully raised Rs 251.7 crore (approximately $30 million) in its Series C funding round, with significant backing from global ride-hailing leader Uber. This marks Uber’s second investment in the company, which manages a substantial cab fleet for its platform.
According to a recent regulatory filing with the Registrar of Companies (RoC), Everest Fleet’s board has approved the issuance of 13,726 Series C preference shares to facilitate this capital raise. Following the investment, Everest Fleet is now valued at around $425 million post-allotment, as reported by the startup data intelligence platform TheKredible.
The Mumbai-based company plans to allocate the new funds to bolster its general operations, cover working capital needs, finance capital expenditures, and expand its business activities.
With this latest funding round, Uber has emerged as the largest external stakeholder in Everest Fleet, holding an 11.37% stake. In contrast, the firm’s founder, Siddharth Anand Ladsariya, retains 52% ownership. Additionally, the company maintains an employee stock ownership plan (ESOP) representing 4.76% of its equity.
In a related development, the International Finance Corporation (IFC) has expressed intentions to invest $20 million in equity in the Bengaluru-based startup. Should this deal materialize, it could potentially elevate the total Series C round to approximately $50 million.
Founded in 2016, Everest Fleet operates within the shared mobility sector in India and has established itself as a key partner to both Uber and Ola. The company claims the title of Uber’s largest professionally managed fleet supplier in the country.
In June of the previous year, Everest Fleet secured $20 million in funding, also led by Uber, and provided a partial exit to early investor Artha Venture. Earlier this year, the company further strengthened its position by receiving Rs 100 crore ($12 million) in debt from Axis Bank to invest in electric vehicles.
As Everest Fleet continues to grow, its strategic partnerships and investments reflect a promising trajectory in India’s evolving mobility landscape.
