VC Fund Investments
Fleet operator Everest raises $20-M led by ride hailer Uber
US-based ride-hailing company Uber has led a USD 20 million funding round in Mumbai-based fleet operator Everest Fleet. The deal, to acquire a minority stake, is Uber's first external investment in India. It comes in the backdrop of Uber's expansion into electric vehicle (EV) services for which it has partnered with several fleet operators including Everest. Currently, Everest is present in Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune. The funds will accelerate its transition from being a CNG-dominated fleet to one with CNG and electric vehicles in the next five years. By 2026, the firm aims to have 10,000 electric vehicles as part of its fleet. It also partners with Uber's rival, Ola.
From the Venture Intelligence PE-VC Deal Database: Between Sep-19 and May-22, Everest Fleet had raised over USD 8 M in VC funding. (Subscribers to the database can login to view the investors, valuation, deal structuring and other transaction details.)
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