Debt financing
Shared mobility player Everest Fleet raises funding from Arka Credit Fund I
Mid-market focused alternative investment fund Arka Credit Fund I (ACF I), managed by Arka Investment Advisory Services (AIASPL), has invested in the non-convertible debentures (NCDs) of Mumbai-headquartered shared mobility company Everest Fleet. Everest owns a fleet of more than 10,000 CNG and electric cars in seven cities running on ride-sharing platforms such as Ola and Uber. It aims to increase the fleet size to more than 17,000 by March 2024. Everest raised USD 20 million in a funding round led by Uber in June to expand its business operations and widen the supply pool. In December last year, Tata Motors had signed a pact with the company to deliver 5,000 Xpres-T EVs. Launched in October 2022, ACF I is a diversified, sector-agnostic fund targeting debt funding in investment-grade middle-market companies.
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