Everest Fleet, a mobility startup, has secured Rs 251.7 crore (approximately $30 million) in its Series C round from Uber, a global ride-hailing behemoth. This is Uber’s second investment in the company, which is responsible for the platform’s taxi fleet.
The regulatory filing of Everest Fleet, which can be accessed from the Registrar of Companies (RoC), indicates that the board has passed a resolution to issue 13,726 Series C preference shares in order to raise the aforementioned sum.
Everest Fleet has been valued at approximately $425 million following the allocation, according to TheKredible, a data intelligence platform for startups.
The Mumbai-based organization will allocate the new funds to finance capital expenditures, general operating expenses, and business operations expansion, according to the filings.
After the recent investment, Uber has emerged as the largest external stakeholder in Everest Fleet, with an 11.37% stake. In the interim, Siddharth Anand Ladsariya, the organization’s founder, maintains a 52% stake. Everest Fleet also maintains an employee stock ownership plan (ESOP) fund, which accounts for 4.76% of the company.
Read also – Shivalik Investment Fund Secures Rs 75 Cr First Close of Inaugural Funding
The International Finance Corporation (IFC) committed to investing $20 million in equity in the Bengaluru-based venture in August. The Series C round will be extended by $50 million if this agreement is finalized.
Everest Fleet, an existing associate of Uber and Ola, operates in the shared mobility sector of India. It is Uber’s largest professionally managed fleet supplier in the country, according to the company.
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