Ride-hailing giant Uber India is doubling down on its partnership with Mumbai-based fleet management startup Everest Fleet by investing an additional $20 million (approximately ₹177 crore). This marks Uber’s second major funding into Everest within a year, demonstrating strong confidence in the startup’s pivotal role in Uber’s Indian operations.
About Everest Fleet
Founded in 2016 by Siddharth Ladsariya, Everest Fleet has rapidly grown to become a leading shared mobility and fleet management platform in India. It owns and manages over 18,000 vehicles spanning CNG, electric vehicles (EVs), and goods vehicles, supporting major ride-hailing platforms like Uber, Ola, and Rapido across numerous cities including Mumbai, Delhi, Bangalore, Hyderabad, Pune, Chennai, and Kolkata.
Financial Milestones and Growth
It has raised over $57 million in funding so far through multiple rounds, including significant investments from Uber, Paragon Partners, Artha Capital, and Rockstud Ventures. The latest capital infusion aims to kickstart expansions in fleet operations, working capital, and the deployment of more clean-energy vehicles such as EVs and CNGs.
The company posted revenues surpassing ₹1,000 crore in FY24, more than doubling year-on-year, while delivering a profit of ₹38 crore during the same period. It is strategically transitioning its fleet mix towards electric vehicles, aiming to lower emissions and foster sustainable urban mobility aligned with India’s green energy goals.
Competitors and Market Landscape
In the competitive fleet management space, Everest Fleet faces competition from players like ElasticRun, Vogo Rentals, The Journey King, and regional fleet and mobility startups. However, Everest distinguishes itself through its strong partnerships with leading ride-hailing platforms, robust fleet size, and growing focus on clean fuels and technology-driven operations.
Strategic Role for Uber and Industry Impact
Everest Fleet is Uber India’s largest fleet partner and ranks as the third largest globally for Uber, indicating its critical position for Ubr’s growth and service reliability across Indian markets. The partnership and funding underscore Uber’s strategic bet on fleet management and EV adoption as key pillars for expanding shared and sustainable mobility in India.
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Conclusion
Backed by substantial investor capital and a leadership team with deep industry experience, is well-positioned to capitalize on India’s burgeoning shared mobility market. Its focus on fleet electrification, operational scale, and expanding multi-city presence aligns with broader trends in sustainable transportation, making it a vital enabler for ride-hailing companies and a standout player in India’s fast-evolving fleet management ecosystem.
