[Funding alert] Uber-backed Everest Fleet Secures Rs 50 cr from Paragon Partners

Everest Fleet, a Mumbai-based mobility company, secured funding from Paragon Partners, a private equity firm, for Rs 50 crore (about $6 million).

The funds raised will be used to expand into emerging markets and boost growth.

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Talking about the funding, Siddharth Ladsariya, founder and CEO of Everest Fleet, said, “India is at a transformative juncture for shared mobility. We envisage a future where fleet management providers will partner extensively with cab aggregation and ride-hailing platforms to provide India’s urban citizens with comfortable commute and travel options”. The company has a fleet of over 13,000 cars.

Everest Fleet Pvt Ltd is a fleet management company founded in Oct 2016. They have around 11,000+ cars running on UBER in Mumbai, Delhi, Bengaluru, Hyderabad, Pune, Kolkata & Chennai.

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“Everest Fleet has a clear blueprint to unlock the immense potential for shared mobility in India through its fleet management solutions. We believe that it is well positioned to capitalise on the growing need for reliable shared mobility structures and are excited to partner with them on their journey,” said Sumeet Nindrajog, cofounder and senior partner at Paragon Partners.

Everest Fleet Pvt. Ltd.

Everest Fleet Pvt. Ltd. is a fleet management company that aims to be the undisputed industry leader in fleet management and generate employment while continuing to provide the highest quality of service and support.

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