Mobility startup Everest Fleet has raised Rs 251.7 crore (approximately USD 30 million) in its Series C funding round, with global giant Uber participating for the second time. The investment involves the issuance of 13,726 Series C preference shares, as per media reports.
The Mumbai-based company will use the funds for general operating expenses, working capital, capital expenditures, and business expansion.
With this latest investment, Uber has become the largest external stakeholder in Everest Fleet, holding an 11.37 per cent stake, while founder Siddharth Anand Ladsariya retains 52 per cent, as per media reports. The company also has an employee stock option pool comprising 4.76 per cent of its equity.
Additionally, the International Finance Corporation (IFC) has committed to investing USD 20 million in equity in Everest Fleet, which could potentially raise the total Series C funding to USD 50 million if completed.
Founded in 2016, Everest Fleet operates in India's shared mobility sector and serves as Uber's largest professionally managed fleet supplier in the country. In June 2022, the startup raised USD 20 million led by Uber, which also facilitated a partial exit for early investor Artha Venture. Earlier this year, the firm secured Rs 100 crore (USD 12 million) in debt from Axis Bank to purchase electric vehicles.
