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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.

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 India to invest another $20 Mn in Everest Fleet

EntrackrEntrackr · 4d 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.

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