Exclusive: Uber India to invest another $20 Mn in Everest Fleet

After its $30 million investment in September last year, global ride-hailing giant Uber is set to invest an additional $20 million (Rs 177.5 crore) in mobility firm Everest Fleet. This marks Uber’s third investment in the company, which operates and manages a cab fleet for the platform.

The board at Everest Fleet has passed a resolution to approve the issue of 9,682 Series C CCPS at an issue price of Rs 1,83,388 each to raise the aforementioned amount from Uber, according to its filing with the Registrar of Companies (RoC).

The Mumbai-based firm will utilize the fresh funds for general corporate purposes, working capital needs, capital expenditure, and expansion of its business operations, the filing added.

According to Entrackr’s estimates, the company’s post-money valuation is expected to remain flat at around Rs 3,700 crore ($420 million).

Founded in 2016, Everest Fleet is a leading shared mobility and fleet management company in India. It partners with ride-hailing platforms like Uber and Ola, operating over 18,500 CNG, EV, and goods vehicles across major cities for mobility and logistics services.

The firm has raised around $75 million prior to this round, according to TheKredible. After this round, Uber India will hold about 15.62% stake in the company, while founder Siddharth Anand Ladsariya retains a 49.54% stake. Everest Fleet also has an ESOP pool accounting for 4.52% of its shareholding.

In June 2023, Uber led a $20 million investment in Everest Fleet, which also facilitated a partial exit for the company’s early investor, Artha Venture.

For the fiscal year ended March 2024, Everest Fleet’s revenue more than doubled to surpass Rs 1,000 crore, while it posted a profit of Rs 38 crore. The company is yet to file its FY25 financial statements.