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Everest Fleet's revenue crosses Rs 1,000 Cr in FY24, remains profitable

EntrackrEntrackr · 1y ago
Everest Fleet's revenue crosses Rs 1,000 Cr in FY24, remains profitable
Medial

Uber-backed mobility startup Everest Fleet has reported substantial growth in scale and consistent profits for consecutive fiscal years. In the last fiscal year, Everest Fleet's revenue from operations increased by 120.7% to Rs 1029.44 crore. The company operates in the fleet management and passenger transportation sectors and provides services such as ridesharing and B2B services like food transportation and car rental to corporates. Everest Fleet's expenses also surged, with employee benefits being the largest cost vertical. Despite increased expenses, the company maintained profitability, although its profit declined by 8%. Everest Fleet recently raised $30 million in funding from Uber and has plans to expand its fleet of clean-energy vehicles.

Exclusive: Uber invests $30 Mn in Everest Fleet at $425 Mn valuation

EntrackrEntrackr · 1y ago
Exclusive: Uber invests $30 Mn in Everest Fleet at $425 Mn valuation
Medial

Mobility startup Everest Fleet has raised Rs 251.7 crore (approximately $30 million) in its Series C round from global ride-hailing giant Uber. This marks Uber’s second investment in the company, which manages a cab fleet for the platform. The board at Everest Fleet has passed a resolution to issue 13,726 Series C preference shares to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies (RoC) shows. According to the startup data intelligence platform TheKredible, Everest Fleet has been valued at around $425 million post-allotment. The Mumbai-based firm will use the fresh proceeds to meet general operating, working capital requirements, capital expenditure and to expand the business operations, the filings added. Following the fresh investment, Uber has become the largest external stakeholder in Everest Fleet, with a 11.37% stake. Meanwhile, the firm’s founder, Siddharth Anand Ladsariya, holds 52%. Everest Fleet also maintains an ESOP pool, representing 4.76% of the company. In August, the International Finance Corporation (IFC) made a commitment to invest $20 million in equity in the Bengaluru-based startup. If this deal gets through, the Series C round will stretch to the tune of $50 million. Founded in 2016, Everest Fleet operates in the shared mobility space in India and is an existing partner to Uber and Ola. As per the company, it’s Uber’s largest professionally managed fleet supplier in the country. In June last year, Everest Fleet scooped up $20 million led by Uber. It also provided a partial exit to its early backer Artha Venture. Earlier this year, the Ladsariya-led firm received Rs 100 crore ($12 million) in debt from Axis Bank to purchase electric vehicles. For the fiscal year ending in March 2024 (FY24), Everest Fleet’s revenue spiked almost 2.2X to Rs 1,015-1,020 crore from Rs 466 crore in FY23, according to the company’s disclosure to CRISIL Ratings. The company reported Rs 466 crore revenue and Rs 41 crore profit in FY23.

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

EntrackrEntrackr · 2m 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 Uber’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 Entrackr’s estimates, the company’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 company’s early investor, Artha Venture. For the fiscal year ended March 2024, Everest Fleet’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.

Delhivery reports Rs 2,805 Cr revenue in Q3 FY26, profit jumps 59%

EntrackrEntrackr · 18h ago
Delhivery reports Rs 2,805 Cr revenue in Q3 FY26, profit jumps 59%
Medial

Delhivery reports Rs 2,805 Cr revenue in Q3 FY26, profit jumps 59% Logistics company Delhivery announced its Q3 FY26 results on Saturday and reported an 18% year-on-year increase in revenue. At the same time, the company’s profit rose 59% to Rs 40 crore. Delhivery’s revenue from operations grew 18% to Rs 2,805 crore in Q3 FY26 from Rs 2,378 crore in Q3 FY25, according to its financial statements filed with the National Stock Exchange (NSE). Delhivery’s primary revenue came from its logistics services, including warehousing, last-mile delivery, and the design and deployment of logistics management systems. The company also earned Rs 77 crore from non-operating activities, bringing its total revenue to Rs 2,882 crore in Q3 FY26. Freight handling and servicing costs accounted for 70% of total expenditure and rose 7.4% to Rs 1,980 crore in Q3 FY26. Employee benefit expenses declined marginally by 4% to Rs 410 crore, while depreciation and amortization costs stood at Rs 187 crore. Legal, finance, and other overheads added another Rs 243 crore, a 4% year-on-year increase. An 18% rise in operating revenue and controlled expenditure helped the firm increase its profit by 59% to Rs 40 crore in Q3 FY26, compared with Rs 25 crore in Q3 FY25. The company had reported a loss of Rs 50 crore in the previous quarter. For the first nine months of the fiscal year ending March 2026, revenue from operations rose over 13% year-on-year to Rs 7,658 crore, while profit stood at Rs 88 crore. In a separate exchange filing, Delhivery granted 70,900 employee stock options worth Rs 3 crore, based on the company’s current share price. At the end of the last trading session, Delhivery’s share price stood at Rs 426.35, giving the company a market capitalization of Rs 31,903 crore (approximately $3.54 billion).

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