SUMMARY
- Mobility solutions provider Everest Fleet has pocketed $30 million in its Series C funding round led by Uber.
- Everest Fleet’s valuation is estimated to be around $425 million post-allotment.
- The firm plans to use the funds for general operating expenses, working capital requirements, capital expenditures, and business operations expansion.
Everest Fleet, a mobility startup providing shared mobility solutions in India, has pocketed $30 million in its Series C funding round. This financial infusion comes from a global leader in ride-hailing services, Uber, marking the second investment from the company in Everest Fleet.
The company’s board has approved the issuance of 13,726 Series C preference shares to raise the aforementioned sum, as detailed in its regulatory filings with the Registrar of Companies (RoC).
Everest Fleet’s valuation is estimated to be around $425 million following the allotment of these shares.
Everest Fleet plans to use the funds for general operating expenses, working capital requirements, capital expenditures, and the expansion of its business operations, as outlined in its filings.
This investment has positioned Uber as the largest external shareholder in Everest Fleet, holding an 11.37% stake. The founder of Everest Fleet, Siddharth Anand Ladsariya, retains a stake of 52%. Additionally, the company maintains an Employee Stock Ownership Plan (ESOP) pool, representing 4.76% of the company’s equity.
International Finance Corporation (IFC) has recently committed to investing $20 million in equity, potentially increasing the total funding from the Series C round to $50 million.
Established in 2016, Everest Fleet operates within the shared mobility sector in India and is recognized as a key partner to leading ride-hailing platforms such as Uber and Ola. It is also acknowledged as Uber’s premier professionally managed fleet supplier in the country.
In FY24, Everest Fleet experienced a significant growth in revenue, nearly doubling to reach a range of Rs 1,015-1,020 crore from the previous year’s revenue of Rs 466 crore, as reported in the company’s financial disclosures to CRISIL Ratings. The company also reported a profit of Rs 41 crore for FY23.
Source: Entrackr
