Exclusive: Uber invests $30 Mn in Everest Fleet at $425 Mn valuation

Mobility startup Everest Fleet has raised Rs 251.7 crore (approximately $30 million) in its Series C round from global ride-hailing giant Uber. This marks Uber's second investment in the company, which manages a cab fleet for the platform.

The board at Everest Fleet has passed a resolution to issue 13,726 Series C preference shares to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies (RoC) shows.

According to the startup data intelligence platform TheKredible, Everest Fleet has been valued at around $425 million post-allotment.

The Mumbai-based firm will use the fresh proceeds to meet general operating, working capital requirements, capital expenditure and to expand the business operations, the filings added.

Following the fresh investment, Uber has become the largest external stakeholder in Everest Fleet, with a 11.37% stake. Meanwhile, the firm's founder, Siddharth Anand Ladsariya, holds 52%. Everest Fleet also maintains an ESOP pool, representing 4.76% of the company.

In August, the International Finance Corporation (IFC) made a commitment to invest $20 million in equity in the Bengaluru-based startup. If this deal gets through, the Series C round will stretch to the tune of $50 million.

Founded in 2016, Everest Fleet operates in the shared mobility space in India and is an existing partner to Uber and Ola. As per the company, it’s Uber’s largest professionally managed fleet supplier in the country.

In June last year, Everest Fleet scooped up $20 million led by Uber. It also provided a partial exit to its early backer Artha Venture. Earlier this year, the Ladsariya-led firm received Rs 100 crore ($12 million) in debt from Axis Bank to purchase electric vehicles.

For the fiscal year ending in March 2024 (FY24), Everest Fleet’s revenue spiked almost 2.2X to Rs 1,015-1,020 crore from Rs 466 crore in FY23, according to the company's disclosure to CRISIL Ratings. The company reported Rs 466 crore revenue and Rs 41 crore profit in FY23.