Foto

Everest Fleet Raises USD 30 Million from Uber India

Mumbai: Mumbai-based fleet operator Everest Fleet has secured USD 30 million as part of its ongoing USD 50 million Series C funding round, led by the Indian arm of ride-hailing giant Uber.

The company's board approved the issuance of 13,726 Series C compulsory convertible preference shares, raising ₹251.7 crore (USD 30 million), according to regulatory filings sourced from Tofler.

The investment will be utilized to scale Everest Fleet's operations and expand its fleet of clean-energy vehicles, including compressed natural gas (CNG) and electric vehicles (EVs), the company announced on Friday.

Everest Fleet funding, Uber India investment, Series C funding round, Everest Fleet clean-energy vehicles, Everest Fleet CNG vehicles, Everest Fleet electric vehicles, sustainable transportation India, ride-hailing investment India, Uber inorganic investment, Everest Fleet operations expansion, Siddharth Ladsariya Everest Fleet, Axis Bank loan Everest Fleet, GuarantCo-backed loan, India shared mobility evolution, reducing emissions India, fleet operator funding, Everest Fleet growth, Everest Fleet regulatory filings, Everest Fleet Series C shares, Everest Fleet USD 30 million

“The shared mobility space in India is evolving rapidly, and we are committed to playing a leading role in this transformation. This investment will fuel our growth as we expand our fleet of CNG and electric vehicles, further supporting India’s shift toward sustainable transportation and helping reduce emissions,” said Siddharth Ladsariya, founder of Everest Fleet.

Earlier this year, Axis Bank extended a USD 12 million loan, backed by GuarantCo, to accelerate Everest's transition to a sustainable electric fleet in India.

In June 2023, ET reported that Everest Fleet had raised USD 20 million in a round also led by Uber, marking the ride-hailing platform's first inorganic investment in India.

Also Read: Govt rolls out new EV charging guidelines to fuel electric vehicle boom across India Advertisement

previous POST
foto
Govt rolls out new EV charging guidelines to fuel ...
NEXT POST
foto
Why BMW Electric Cars Are the Ultimate Choice for ...

Related Posts

foto
Revamp Your Ride: Essential Bike Modification Acce...
foto
Transform Your Ride: Essential Car Interior Access...
foto
The Battle of Green Vehicles: Electric Vehicles vs...
foto
How Hybrids are Reshaping India's Green Auto Marke...