Everest Fleet, a green vehicle operator in India, has recently raised $26 million in funding from Uber (NYSE:UBER) and Paragon Ventures, enabling its transition from a compressed natural gas (CNG) dominated fleet to include electric vehicles (EVs). The company, led by Siddharth Ladsariya, aims to have 10,000 EVs in its fleet by 2026. This news comes as Everest Fleet continues to grow its operations across seven cities in India, up from just 150 cars in Mumbai.
On Wednesday, it was reported that the recent funding round includes $20 million from ride-hailing giant Uber and $6 million from Paragon Ventures. This marks Uber's first inorganic investment in India for EV expansion. The investment will aid Everest Fleet's shift from a CNG-majority fleet to the introduction of EVs.
The company also secured a total fund of Rs 225 crore ($30 million), including an early investment of Rs 10 crore ($1.3 million) from Artha Venture Fund. This funding has contributed to the company's expansion from operating just 150 cars in Mumbai to over 13,000 across seven cities.
Alongside this growth, early investors Artha and Rockstud Capital have recently exited their investments in Everest Fleet. Both investors saw impressive returns on their initial investments, with returns of 19 times and 18.8 times respectively.
In addition to securing funding for its transition to EVs, Everest Fleet has also placed an order for 5,000 cars with Indian automobile manufacturer Tata Motors (NYSE:TTM) this year. This move further emphasizes the company's commitment to expanding its green vehicle fleet over the next five years.
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