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.
“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.
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