[Funding alert] Everest Fleet Secures $20 mn Funding Led by Uber

Uber led an investment round that saw Everest Fleet, a provider of fleet services, raise $20 million. Everest Fleet is an established partner of well-known ridesharing firms like Uber and Ola and operates in the shared transportation sector in India.

As demand for vehicles in the ridesharing sector continues to outpace supply, the money will allow Everest Fleet to strengthen its operations and increase the entire supply pool accessible, as per reported by Entrepreneur.com.

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"This funding round will accelerate our transition from being a CNG-dominated fleet to one with CNG and electric vehicles in the next 5 years. By 2026, we aim to have 10,000 electric vehicles as part of our overall fleet. With continued scale up of our operations, we aim to offer a rewarding driver partner proposition while helping our partners deliver a superlative experience to their customers," said Siddharth Ladsariya, co-founder, Everest Fleet.

One of the top participants in the fleet sector is Everest Fleet Pvt Ltd, which has its headquarters in Mumbai, Maharashtra. Their goal is to make daily commutes easier and to improve the riding experience by assuring channel efficiency.

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"Helping drivers get easy access to vehicles is a key priority for Uber and this investment will unlock earning opportunities for tens of thousands of drivers across India. Everest has grown its fleet at an impressive pace and has set new industry benchmarks in asset utilization. With the addition of new cars, including electric vehicles, Uber will continue to deliver a great service experience to riders," said Prabhjeet Singh, president, Uber India and South Asia.

About Everest Fleet Pvt Ltd

Everest Fleet Pvt Ltd is a fleet management company founded in Oct 2016. They have around 10,000+ cars running on UBER in Mumbai, Delhi, Bengaluru, Hyderabad, Pune, Kolkata & Chennai.