Everest Fleet's revenue crosses Rs 1,000 Cr in FY24, remains profitable

Uber-backed mobility startup Everest Fleet experienced more than two-fold growth in its scale while maintaining a decent profit margin in the last fiscal year. It is one of the few startups in the mobility space to report profits for consecutive fiscal years (FY23 and FY24).

Everest Fleet’s revenue from operations grew 120.7% to Rs 1029.44 crore from Rs 466.53 crore in FY23, according to the company’s consolidated financial statement filed with the Registrar of Companies (RoC).

Everest Fleet is in the business of fleet management and passenger transportation wherein it earns revenue on rendering its services to the customers based on the trips provided or agreement with the customers. Part of the revenue also comes from B2B services such as food transportation and car rental services to corporates. It also earns from marketing campaigns.

The firm earned Rs 27.71 crore via interest and gains on financial assets (non-operating) which took its total revenue to Rs 1,057 crore in FY24.

Everest Fleet operates in India’s shared mobility space and is a partner to ridesharing companies like Uber and Ola. According to the company, it is Uber India’s largest professionally managed fleet supplier. The firm claims to own a fleet of more than 18,500 cars operating in 7 cities which include Mumbai, Delhi, Hyderabad, Chennai, Kolkata, and Bengaluru.

Coming to expenses, employee benefit was the largest cost vertical for Everest Fleet which rose 104% to Rs 68.28 crore in FY24 from Rs 33.42 crore in the previous fiscal year. Finance costs also surged more than 150% to Rs 33.80 crore, while depreciation costs jumped to Rs 53.85 crore from Rs 19.16 crore. These higher employee benefits, finance costs, depreciation, and other operational expenses take the total expenditure of the firm up by over 2X to Rs 1,007 crore in FY24, as compared to Rs 414.36 crore in the previous fiscal year.

For detailed expense break-up, Visit TheKredible.

Everest Fleet maintained profitability but its profit declined 8% to Rs 37.94 crore during the last fiscal year from Rs 41.23 crore in FY23. Its operating cash flows improved by 80.1% to Rs 41.09 crore in this period.

As per TheKredible, the EBITDA margin and ROCE registered at 13.04% and 13.29%, respectively. On a unit level, the company spent Re 0.98 to earn a rupee of operating revenue during FY24.

Everest Fleet recently raised $30 million from Uber. As per the data intelligence platform TheKredible, it has scooped up around $63 million to date from the likes of Paragon Partners, Uber, Rockstud Capital, and Incred Capital, among others. In June 2023, it provided a partial exit to its early backer Artha Venture. Its founder Siddharth Ladsaria still controls more than 50% holding in the company.

In August, Everest Fleet also received a commitment of $20 million in funding from International Finance Corporation (IFC). The Bengaluru-based company has plans to scale operations and expand its fleet of clean-energy vehicles, including CNG and electric vehicles (EVs).