Everest Fleet received $30 M from Uber at $425 M valuation
Global ride-hailing behemoth Uber has contributed Rs 251.7 crore (roughly $30 million) to mobility startup Everest Fleet’s Series C round of funding. This is Uber’s second investment in the business, which runs the platform’s fleet of taxis.
According to Everest Fleet’s regulatory filing, which can be accessed through the Registrar of Companies (RoC), the board has decided to issue 13,726 Series C preference shares in order to raise the previously mentioned amount.
TheKredible, a startup data intelligence platform, estimates that Everest Fleet’s post-allotment valuation is approximately $425 million.
According to the filings, the Mumbai-based company will utilize the additional funds to fund working capital needs, capital expenditures, general operating expenses, and business operations expansion.
Uber now owns an 11.37% stake in Everest Fleet, making it the largest external stakeholder after the recent investment. Siddharth Anand Ladsariya, the company’s founder, currently owns 52% of the shares. In addition, Everest Fleet keeps an ESOP pool, which holds 4.76% of the business.
The International Finance Corporation (IFC) promised to invest $20 million in equity in the startup company based in Bengaluru in August. The $50 million Series C round will be available if this deal closes.
Everest Fleet was established in 2016 and is currently a partner of Uber and Ola, operating in the shared mobility space in India. It is the largest fleet supplier in the nation that is professionally managed for Uber, according to the company.
Everest Fleet won $20 million in June of last year, with Uber leading the charge. It also gave Artha Venture, one of its early backers, a partial exit. Axis Bank granted the Ladsariya-led company a debt of Rs 100 crore ($12 million) earlier this year so that it could buy electric cars.
According to Everest Fleet’s disclosure to CRISIL Ratings, the company’s revenue for the fiscal year ending in March 2024 (FY24) increased by nearly 2.2X to Rs 1,015-1,020 crore from Rs 466 crore in FY23. For FY23, the company brought in Rs 466 crore in revenue and made Rs 41 crore in profit.