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Gautam Adani's Adani Group in talks with Uber to introduce electric passenger cars: Report

IndianStartupNewsIndianStartupNews ยท 1y ago
Gautam Adani's Adani Group in talks with Uber to introduce electric passenger cars: Report
Medial

Indian conglomerate Adani Group is reportedly in talks with Uber to introduce its electric passenger cars onto the ride-hailing platform. The partnership could bolster Adani's super app, Adani One, which offers various services including flight and vacation bookings, airport services, and cab bookings. Adani Group plans to purchase and integrate electric vehicles into Uber's fleet, potentially accelerating the adoption of electric vehicles and aligning with Adani's commitment to energy transition. The potential collaboration follows a meeting between Uber CEO Dara Khosrowshahi and Gautam Adani, where Adani praised Uber's expansion in India and hinted at future collaborations.

Snap-E Cabs raises $2.5 Mn in bridge round led by IPV

EntrackrEntrackr ยท 2m ago
Snap-E Cabs raises $2.5 Mn in bridge round led by IPV
Medial

Snap-E Cabs raises $2.5 Mn in bridge round led by IPV Snap-E Cabs, an electric mobility startup, has raised $2.5 million in a bridge round led by Inflection Point Ventures, with participation from ah! Ventures and angel investors including Shish Kharesiya, Praveen Chand, and Jaspreet Kaur. Earlier in February last year, the startup had raised $2.5 million in pre-Series A funding from Inflection Point Ventures, which supported its entry into Delhi through a partnership with Rapido, deploying 200 cars in the last three months. The proceeds will be used for product development, leasing more EV cars, and expanding operations in Delhi NCR. Founded in 2022 by Mayank Bindal and Mahendra Bindal, Snap-E Cabs operates as an EV-first ride-hailing platform while also leasing EV cars to fleet operators. Snap-E owns 100% of its fleet and has set up its own EV charging infrastructure. It currently runs 1,112 EV cars and serves more than 1.2 million paying users. Over the next year, Snap-E plans to add another 1,000 cars to bridge the supply gap in EV ride-hailing. The company claims to have achieved EBITDA profitability in January 2025. Snap-E operates in a competitive EV mobility market, going up against players like Uber, Ola, Rapido, Evera Cabs, and BluSmart. Unlike demand aggregators, Snap-E is pursuing a supply-led infrastructure model with exclusive charging hubs and full fleet ownership.

Exclusive: Uber India to invest another $20 Mn in Everest Fleet

EntrackrEntrackr ยท 1m ago
Exclusive: Uber India to invest another $20 Mn in Everest Fleet
Medial

Exclusive: Uber India to invest another $20 Mn in Everest Fleet After its $30 million investment in September last year, global ride-hailing giant Uber is set to invest an additional $20 million (Rs 177.5 crore) in mobility firm Everest Fleet. This marks Uberโ€™s third investment in the company, which operates and manages a cab fleet for the platform. The board at Everest Fleet has passed a resolution to approve the issue of 9,682 Series C CCPS at an issue price of Rs 1,83,388 each to raise the aforementioned amount from Uber, according to its filing with the Registrar of Companies (RoC). The Mumbai-based firm will utilize the fresh funds for general corporate purposes, working capital needs, capital expenditure, and expansion of its business operations, the filing added. According to Entrackrโ€™s estimates, the companyโ€™s post-money valuation is expected to remain flat at around Rs 3,700 crore ($420 million). Founded in 2016, Everest Fleet is a leading shared mobility and fleet management company in India. It partners with ride-hailing platforms like Uber and Ola, operating over 18,500 CNG, EV, and goods vehicles across major cities for mobility and logistics services. The firm has raised around $75 million prior to this round, according to TheKredible. After this round, Uber India will hold about 15.62% stake in the company, while founder Siddharth Anand Ladsariya retains a 49.54% stake. Everest Fleet also has an ESOP pool accounting for 4.52% of its shareholding. In June 2023, Uber led a $20 million investment in Everest Fleet, which also facilitated a partial exit for the companyโ€™s early investor, Artha Venture. For the fiscal year ended March 2024, Everest Fleetโ€™s revenue more than doubled to surpass Rs 1,000 crore, while it posted a profit of Rs 38 crore. The company is yet to file its FY25 financial statements.

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