Founded in 2016, Everest Fleet has grown into one of India’s largest shared-mobility fleet operators, supplying cars and goods vehicles to Uber, Ola, Rapido and other platforms across Mumbai, Delhi, Bengaluru, Hyderabad, Pune, Chennai and Kolkata. The firm’s 18,500-plus vehicles span CNG, electric and ICE formats, positioning it as Uber’s biggest fleet partner in India and the third-largest globally. Everest’s business model revolves around owning, leasing and managing these vehicles while partnering with drivers to serve ride-hailing demand. In FY24 the company more than doubled revenue to over INR 1,000 crore and booked a profit of INR 38 crore, demonstrating both scale and operating leverage. Management plans to deploy fresh capital toward working capital, capex and geographic expansion while accelerating the transition of its fleet to electric vehicles in line with India’s PM E-DRIVE initiative. Prior funding from investors such as Paragon Partners, Artha Capital and Rockstud Ventures has taken total capital raised to more than USD 75 million. Profitability, a diversified fuel mix and deep platform partnerships give Everest Fleet a strong footing for its next growth phase.

Total raised

$62M

Funding rounds

3

Latest round

Series C

Latest activity

Sep 2024