Uber Invests $30 Million in Everest Fleet

Everest Fleet, a Mumbai-based fleet management startup, has raised approximately $30 million in Series C funding from Uber, marking Uber's second investment in the company. Following this investment, Everest Fleet is valued at about $425 million and aims to enhance its fleet of clean-energy vehicles, including CNG and electric options, to support sustainable transportation in India. The funds will be used for operational expenses, working capital, and business expansion. Everest Fleet manages over 18,500 vehicles and is the largest professionally managed fleet supplier for Uber in India. Additionally, the International Finance Corporation has committed $20 million, potentially increasing the Series C round total to $50 million. The company's revenue has significantly increased, projecting around ₹1,015 crore for FY24, up from ₹466 crore in FY23.