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Fleet management startup Everest Fleet has grown at a scorching pace in the past two fiscal years and this is evident from its scale which shot up nearly 13X to Rs 466 crore in FY23 from Rs 36 crore in FY21. The Mumbai-based company also managed to grow its profits multi-fold during the same period (FY21 to FY23).
Everest Fleet’s revenue from operations sped up over 4X to Rs 466.5 crore during the fiscal year ending March 2023 as compared to Rs 113.3 crore generated in FY22, the company’s consolidated financial statement with the Registrar of Companies (RoC) shows.
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Everest Fleet operates in the shared mobility space in India and is an existing partner to ridesharing companies like Uber and Ola. As per the firm, it’s Uber India’s largest professionally managed fleet supplier.
The company made the majority of its revenue from trips and incentives along with Uber Hero, marketing campaigns and other activities. Everest Fleet also earned Rs 2.92 crore via interest and gains on financial assets (non-operating), taking its overall revenue to Rs 469.5 crore during FY23.
Moving further, Everest fleet spent Rs 33.42 crore on employee benefit expenses which surged 3.5X in FY23 from Rs 9.41 crore in FY22. This cost also includes expense on employee stock option scheme and employee stock purchase plan of Rs 4.5 crore in FY23.
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Expense Breakdown
FY22
Total ₹ 98.3 Cr
FY23
Total ₹ 414.4 Cr
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Employee benefits
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Travelling conveyance
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Depreciation
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Miscellaneous
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Others
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The company booked Rs 347 crore under miscellaneous expenses without disclosing further details. These expenses are likely to include costs related to fleet partners, toll charges, repairs and other operating and admin expenses during the fiscal year (FY23).
Historical financial performance and funding history can be found at TheKredible.
Overall, the company’s total expenditure soared 4.2X to Rs 414.4 crore in FY23 from Rs 98.3 crore in FY22. At the end, the company’s profits surged 3.5X to Rs 41.23 crore in FY23 from Rs 11.68 crore in FY22. Everest Fleet was in losses during FY21, for historical financial data, visit here.
With a control over cash burn, Everest Fleet also managed to grow its cash inflows from operations by 245% to Rs 84.5 crore during the last fiscal.
The EBITDA margin of the company improved by 323 BPS to 18.68% which can be attributed to rising scale along with generating profits. On a unit level, Everest Fleet spent Re 0.89 to earn a rupee during FY23.
FY22-FY23
| FY22 | FY23 | |
|---|---|---|
| EBITDA Margin | 15.45% | 18.68% |
| Expense/₹ of Op Revenue | 0.87 | 0.89 |
| ROCE | 35.87% | 25.82% |
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As per the data intelligence platform TheKredible, Everest Fleet has raised around $33 million to date from the likes of Paragon Partners, Uber, Rockstud Capital, and Incred Capital, among others. The company last raised $6 million in strategic funding in September this year, with a plan to venture into new markets.
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