Axis Bank has extended a four-year loan of INR 100 crore ($12.1 million) to Everest Fleet, supported by GuarantCo, a part of the Private Infrastructure Development Group (PIDG), which has guaranteed two-thirds of the loan.
The funding will help Everest Fleet expand its electric vehicle (EV) fleet, furthering its commitment to sustainable transportation.
Everest Fleet, founded by Siddharth Ladsariya in 2016, currently operates 16,500 green fuel vehicles, including 15,000 CNG and 1,500 electric vehicles, across major Indian cities like Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune.
The startup achieved revenue of INR 1,050 Cr in FY24, marking a significant growth from INR 469 Cr in FY23.
Rajiv Anand, Deputy Managing Director of Axis Bank, emphasized the bank’s commitment to the e-mobility revolution in India. “By collaborating with GuarantCo, we aim to support companies fostering sustainable transportation solutions to combat climate change,” said Anand. “This blended finance transaction enables us to encourage communities to adopt electric vehicles and promote progress towards a greener, cleaner future, aligning with the UN Sustainable Development Goals.”
Everest Fleet, a critical vendor for Uber and one of its top three fleet partners globally has seen significant growth since its inception. Initially starting with just two cars, the company now plays a vital role in providing reliable and efficient mobility solutions for Uber’s customers. In June 2023, Uber invested $20 Mn in Everest Fleet to accelerate its transition from a predominantly CNG fleet to a balanced mix of CNG and electric vehicles, with a target of 10,000 electric vehicles by 2026.
Ladsariya highlighted Everest Fleet’s strategic approach, prioritizing unit economics and profitability from day one. Despite the challenges posed by the pandemic, the company adapted by offering cars for employee transport and launching a microsite for essential personnel transportation.
Everest Fleet’s growth underscores its resilience and ability to capitalize on market dynamics, ensuring continued expansion and operational efficiency.
