Uber backed Everest Fleet secures INR 50Cr for expansion

Date: September 22, 2023. Everest Fleet, a fleet management company that provides sustainable mobility solutions to taxi aggregating platforms, has raised INR 50 Cr (US $6 Mn) in a strategic funding round from private equity firm Paragon Partners. This is the third fundraise for the Mumbai-based startup this year. They secured $20 Mn in a round led by Uber in June and an undisclosed amount of capital by issuing non-convertible debentures (NCDs) last month.

Founded in 2016, Everest Fleet operates a fleet of more than 13,000 CNG and electric cars. It has a presence in seven cities across India. Additionally, Everest Fleet aims to create entrepreneurial opportunities for the unorganised sector with a deep focus on sustainable mobility solutions.

Everest Fleet is known for its innovative approach to mobility services. It has swiftly gained recognition as a dynamic player in the ride-hailing sector. The company leverages technology to connect riders with a network of trusted drivers. Expanding into additional regions and urban areas will fundamentally alter the way people travel.

The company will utilise the capital to accelerate its growth plans and venture into new markets. It will also invest in technology, operations, and maintenance to enhance its efficiency and customer satisfaction. Moreover, Everest Fleet has partnered with Uber, Ola, and other taxi aggregating platforms. They aim to provide reliable and affordable transportation services to millions of customers.

The vision and execution capabilities of the Everest Fleet team have impressed Siddharth Parekh, co-founder and senior partner at Paragon Partners. Moreover, he added that they believe that Everest Fleet has a strong competitive advantage in the shared mobility space. Everest Fleet is well-position to capture the growing demand for sustainable transportation solutions in India.

Rajiv Vij, founder and CEO of Everest Fleet, said that they are delighted to partner with Paragon Partners. Paragon Partners share their passion for creating social impact through sustainable mobility. He said that they are confident. Moreover, this partnership will help them scale up their operations and reach new heights of success.

As the mobility landscape continues to evolve, Everest Fleet’s vision for a smarter, more sustainable future resonates with investors. Everest Fleet’s vision for a smarter, more sustainable future resonates with users alike. Furthermore, this investment poised to bring innovative transportation solutions to a wider audience and usher in a new era of mobility in India.

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