PE Fund Investments
Mobility startup Everest Fleet raises $30-M from Uber at $425-M valuation
Mumbai-based mobility startup Everest Fleet has raised INR 251.7 crore (approximately USD 30 million) at a post money valuation of USD 425 million in its Series C round from global ride-hailing giant Uber. This marks Uber’s second investment in the company. Everest will issue 13,726 Series C preference shares to raise the sum.The funds will be used to meet working capital requirements, for capital expenditure and to expand business operations.Following the investment, Uber has become the largest external stakeholder in Everest Fleet, with a 11.37% stake. The firm’s founder, Siddharth Anand Ladsariya, holds 52%. Everest Fleet also maintains an ESOP pool, representing 4.76% of the company.Founded in 2016, Everest Fleet operates in the shared mobility space and is an existing partner to Uber and Ola. It claims to be Uber’s largest professionally managed fleet supplier in the country.For FY24, Everest Fleet’s revenue spiked almost 2.2X to INR 1,015-1,020 crore from INR 466 crore in FY23. The company had reported INR 466 crore revenue and INR 41 crore profit in FY23.
Between Sep 2019 and Aug 2023, Everest Fleet had raised over USD 43.44 M from Arka Credit Fund, Paragon Partners, Spark Capital, Uber, Valiant Capital, Artha India Ventures and Rockstud Capital.
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