Everest Fleet, a mobility startup based in Mumbai, has raised Rs 251.7 crore (approximately $30 million) in its Series C funding round. This investment was led by global ride-hailing giant Uber, marking Uber’s second investment in the company. Everest Fleet operates a fleet of cabs, primarily for Uber in India.

Details of the Funding Round

According to a regulatory filing accessed from the Registrar of Companies (RoC), Everest Fleet raised the funds by issuing 13,726 Series C preference shares. After this round of funding, the company has been valued at around $425 million, according to TheKredible, a startup data intelligence platform.

The fresh capital will be used for general operations, working capital requirements, capital expenditure, and to expand business operations, according to the company.

Uber’s Growing Stake

With this investment, Uber has become the largest external shareholder in Everest Fleet, now holding an 11.37% stake in the company. The company’s founder, Siddharth Anand Ladsariya, remains the majority stakeholder, owning 52% of the company. Additionally, Everest Fleet has an Employee Stock Option Pool (ESOP) that accounts for 4.76% of the company.

Future Investments and Growth Plans

In August, the International Finance Corporation (IFC) announced a plan to invest $20 million in Everest Fleet. If this deal goes through, the total amount raised in the Series C round would reach $50 million. This additional funding would further boost the company’s growth and allow it to expand its fleet and operations.

Founded in 2016, Everest Fleet operates in the shared mobility space in India and is a key partner for both Uber and Ola. The company claims to be Uber’s largest professionally managed fleet supplier in India. Everest Fleet has been growing rapidly and aims to continue its strong partnership with ride-hailing platforms.

Previous Funding and Expansion

This isn’t the first time Uber has invested in Everest Fleet. In June 2022, Uber led a $20 million funding round for the company, which provided a partial exit to its early backer, Artha Venture. Earlier in 2024, Everest Fleet secured Rs 100 crore ($12 million) in debt from Axis Bank to help it purchase electric vehicles (EVs). The company is focusing on expanding its EV fleet to reduce costs and meet growing demand for sustainable transportation options.

Financial Performance

Everest Fleet has seen strong growth in recent years. For the fiscal year ending in March 2024 (FY24), the company’s revenue surged 2.2 times to reach Rs 1,015-1,020 crore, up from Rs 466 crore in FY23. In FY23, Everest Fleet reported a profit of Rs 41 crore, demonstrating its ability to grow while maintaining profitability. The company has not yet reported its profits for FY24, but the substantial increase in revenue suggests continued growth.

Conclusion

With Uber’s backing and additional potential funding from IFC, Everest Fleet is well-positioned to continue its rapid expansion in the shared mobility space. The company’s focus on electric vehicles and its strong partnership with Uber make it a significant player in India’s growing ride-hailing market.