Uber has invested approximately $30 million in Everest Fleet, a Mumbai-based fleet operator startup, as part of its Series C funding round, which values the company at $425 million, according to data from TheKredible.
Regulatory filings with the Registrar of Companies (RoC) reveal that Everest Fleet’s board has approved the issuance of 13,726 Series C preference shares as part of this investment. This marks Uber’s second investment in Everest Fleet, a company that manages cab fleets for ride-hailing platforms.
The $30 million investment gives Uber an 11.37% stake in Everest Fleet, making it the largest external stakeholder. Founder Siddharth Anand Ladsariya retains a 52% stake, while an ESOP pool accounts for 4.76% of the company.
According to the filings, Everest Fleet intends to utilise the funds for operating expenses, working capital, capital expenditure, and business expansion.
Founded in 2016, Everest Fleet partners with both Uber and Ola in India’s shared mobility sector. It has since grown to become Uber’s largest professionally managed fleet supplier in the country.
Everest Fleet’s revenue increased from ₹466 crore in FY23 to approximately ₹1,015 crore in FY24. The company also reported a profit of ₹41 crore in FY23.
The International Finance Corporation (IFC) has committed an additional $20 million equity investment in the startup, potentially increasing the Series C round to $50 million.
In addition, the International Finance Corporation (IFC) has committed an additional $20 million in equity investment in Everest Fleet, potentially raising the Series C round to $50 million.
