Uber-backed Everest Fleet raises Rs 50 crore from Paragon Partners
Everest Fleet has raised Rs 50 crore (around $6 million) from private equity firm Paragon Partners, as it looks to accelerate growth and expand into new markets.
The equity investment into Everest Fleet has come just a month after it raised an undisclosed amount of debt from mid-market-focused alternative investment fund Arka Credit Fund I, by issuing non-convertible debentures.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitNorthwestern UniversityKellogg Post Graduate Certificate in Digital MarketingVisitIndian School of BusinessISB Applied Business AnalyticsVisitIn June, ET had reported that Everest Fleet had raised $20 million in a round led by Uber, in what was the ride hailing platform’s first inorganic investment in India.
Founded in 2016, the company operates fleets of commercial cars in seven cities—Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune—and provides vehicles to both Uber and its SoftBank-backed rival Ola.
Talking about the funding, Siddharth Ladsariya, founder and CEO of Everest Fleet, said, “India is at a transformative juncture for shared mobility. We envisage a future where fleet management providers will partner extensively with cab aggregation and ride-hailing platforms to provide India’s urban citizens with comfortable commute and travel options”. The company has a fleet of over 13,000 cars.
According to information sourced from Tracxn, Everest Fleet has so far raised $28.3 million from investors such as Artha Venture Fund and Rockstud Capital.
“Everest Fleet has a clear blueprint to unlock the immense potential for shared mobility in
