In a move that reaffirms its commitment to India’s growing shared mobility ecosystem, ride-hailing major Uber India has announced a fresh investment of USD 20 million (~INR 177.33 crore ) in Mumbai-based fleet management startup Everest Fleet. This marks Uber’s third investment in the company and its second within a year, underscoring the growing synergy between the two mobility powerhouses.
A Strengthened Partnership in Fleet Operations
According to filings with the Registrar of Companies (RoC), Everest Fleet’s board approved the issuance of 9,682 Series C CCPS shares at an issue price of approximately INR 1.83 lakh each to raise the new capital from Uber. This follows Uber’s earlier infusion of USD 30 million (~INR 266 crore) in September 2024 and USD 20 million (~INR 177.33 crore ) in June 2023, signaling sustained investor confidence in the company’s operations and market potential.
Post this latest transaction, Uber India will hold around 15.62% stake in Everest Fleet, while founder Siddharth Anand Ladsariya will continue as the majority shareholder with 49.54%. The startup also maintains an ESOP pool of 4.52%, ensuring employee participation in its growth journey.
Everest Fleet’s Growth Trajectory and Strategic Role
Founded in 2016, Everest Fleet has rapidly evolved into one of India’s leading shared mobility and fleet management enterprises. With a robust fleet of over 18,500 CNG, electric, and goods vehicles, the company serves as a critical operations partner for ride-hailing platforms such as Uber, Ola, and Rapido across major Indian cities, including Mumbai, Delhi, Bengaluru, Hyderabad, Pune, Chennai, and Kolkata.
The company’s business model revolves around owning, leasing, and managing vehicles that are operated by drivers under partnerships with mobility and logistics platforms. This has positioned Everest Fleet as Uber’s largest fleet partner in India and the third-largest globally, making it a vital contributor to Uber’s operational reliability and expansion in the Indian market.
Financial Performance and Capital Utilization
Everest Fleet has demonstrated remarkable financial progress. For the fiscal year ending 31 March 2024, the company’s revenue more than doubled, crossing INR 1,000 crore, while posting a profit of INR 38 crore — a clear indicator of operational scalability and financial discipline.
The fresh INR 177 crore will be directed toward working capital requirements, capital expenditure, general corporate purposes, and business expansion. A significant portion of this investment will likely support Everest Fleet’s transition toward electric mobility, aligning with both Uber’s sustainability goals and India’s broader EV adoption initiatives.
Industry Context: Aligning with India’s EV Push
This investment comes at a crucial juncture when the Government of India is aggressively promoting clean transportation through initiatives such as the PM E-DRIVE scheme, which aims to transition 8 lakh diesel buses to electric vehicles. Everest Fleet’s strategic move to expand its EV and CNG portfolio positions it as a frontrunner in this transformation, enhancing sustainability across the urban mobility landscape.
Market Landscape and Competitive Edge
The Indian fleet management and shared mobility sector has witnessed a surge in activity, with players such as ElasticRun, Vogo Rentals, and The Journey King vying for market share. However, Everest Fleet’s strong operational base, diversified vehicle mix, and deep partnerships with top ride-hailing platforms offer it a distinct advantage.
With cumulative funding exceeding USD 75 million (~INR 665 crore), including contributions from investors like Paragon Partners, Artha Capital, and Rockstud Ventures, Everest Fleet has established a solid financial foundation to scale efficiently.
A Pivotal Bet for Uber India
For Uber, this investment is not merely financial — it’s strategic. As the company seeks to strengthen its foothold in India, one of its largest markets globally, reliable fleet partners like Everest Fleet are indispensable. The collaboration ensures a steady supply of vehicles, facilitates operational excellence, and supports Uber’s long-term vision of sustainable, shared, and inclusive mobility.
Outlook
Everest Fleet’s consistent growth, profitability, and emphasis on cleaner mobility solutions reflect the broader trends shaping the future of transportation in India. With Uber’s continued backing, the startup is well-positioned to scale operations, expand across new geographies, and accelerate its shift toward electric vehicles — aligning business success with environmental responsibility.
As India’s shared mobility ecosystem matures, the Uber–Everest Fleet partnership stands out as a model of operational synergy, strategic investment, and sustainable innovation, driving the next chapter of urban mobility.
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