Everest Fleet, one of the prominent names in the mobility startup space has managed to raise Rs 251.7 crore (approximately $30 million) in its Series C funding round, with ride-hailing giant Uber emerging as a key investor for the second time. The regulatory filings accessed from the Registrar of Companies (RoC) reveal that the board at Everest Fleet sanctioned the issuance of 13,726 Series C preference shares to garner the aforementioned investment amount, which should speak well for the company’s strategic growth trajectory and investor confidence.
Post-allotment, Everest Fleet’s valuation has risen to about $425 million, the startup data intelligence platform TheKredible says, with the valuation indicative of the market potential and growth prospects associated with the Mumbai-based firm. Freshly infused capital will be utilized for general operational capabilities; working capital; support for capital expenditures and fueling business expansion initiatives, regulatory filings show.
There would also be greater cooperation between the two companies. With the highest external stake coming in at 11.37%, the ride-hailing giant would leverage synergies and expertise in such a setting to promote innovation as well as customer-centric solutions in the shared mobility space. Siddharth Anand Ladsariya, the founder, holds a significant 52% stake in the company; this helps emphasize his commitment and leadership in steering Everest Fleet towards sustained growth and success. The company also owns an ESOP pool, which further reflects the company’s commitment to inspiring a highly motivated and productive workforce that would align with the long-term vision of the company.
The investment comes after a series of strategic moves by Everest Fleet to strengthen its hold in the market and in its offerings. International Finance Corporation has announced plans to invest $20 million in equity in the Bengaluru-based startup that would raise the equity of the company to $50 million in this round of funding-series C, thereby widening further the financial strength and strategic positioning of Everest Fleet in mobility.
Founded in 2016, Everest Fleet has created a significant space in India’s shared mobility landscape and made itself a trusted partner to the heavy weights like Uber and Ola. It prides itself on being India’s largest professionally managed fleet supplier of Uber and thus marks the peak of operational excellence in providing hassle-free mobility solutions to customers.
A good reflection of its growth trajectory is that Everest Fleet registered an enormous increase of nearly 2.2 times in revenues for FY24, at Rs 1,015-1,020 crore from Rs 466 crore recorded in the preceding fiscal year, going by disclosures to CRISIL Ratings. The company had registered very healthy numbers in terms of revenues as well as profitability metrics despite market dynamics posing challenges for the players, reflecting the resilience and ability to change of the player in the competitive mobility landscape.
The new Uber Series C funding not only marks the growth journey for the company but also complements the vision of innovating mobility and bringing unparalleled value to the customers in India through its new services. To continue driving innovation, expanding its service offerings, and strengthening strategic partnerships, Everest Fleet is excellently well-positioned.
