Ride-hailing company Uber has led a $20 million funding round in Mumbai-based fleet operator Everest Fleet, according to ET report.
The funding is Uber’s first inorganic investment in India, and comes in the backdrop of the US-based urban mobility company’s expansion into electric vehicle (EV) services for which it has partnered with several fleet operators including Everest.
“This funding round will accelerate our transition from being a CNG-dominated fleet to one with CNG and electric vehicles in the next five years. By 2026, we aim to have 10,000 electric vehicles as part of our overall fleet,” Siddharth Ladsariya, co-founder, Everest Fleet, said.
Currently, Everest is present in seven cities—Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune. With this investment, Everest said it plans to expand its footprint to other major Indian cities and new global territories. Even as Uber will only acquire a minority stake in Everest, this marks a step away from the company’s stance of not having a control on its fleet.
In February, Uber signed a deal with Tata Motors to induct 25,000 EVs into its fleet. These vehicles are being purchased by Uber’s fleet partners including Everest. Last month, the company launched Uber Green service in India, under which users can request EV for their commute. The service has initially been launched in Delhi, Mumbai and Bengaluru.
“Everest has grown its fleet at an impressive pace and has set new industry benchmarks in asset utilisation. With the addition of new cars, including electric vehicles, Uber will continue to deliver a great service experience to riders,” Prabhjeet Singh, president, Uber India and South Asia, said.
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