Everest Fleet, a mobility company based in Mumbai which is backed by Uber, has secured an investment of Rs 50 crore (approximately $6 million) from the private equity firm Paragon Partners. This equity infusion follows the company’s recent debt raise from the Arka Credit Fund I, where they issued non-convertible debentures.
Established in 2016, Everest Fleet operates vehicle fleets in seven major Indian cities, serving both Uber and its SoftBank-backed competitor Ola.
Siddharth Ladsariya, the founder and CEO of Everest Fleet, emphasized the transformative potential of shared mobility in India, envisioning a future where fleet management providers collaborate extensively with ride-hailing platforms to enhance commuting options for urban residents. The company currently manages a fleet of over 13,000 cars.
According to Tracxn data, Everest Fleet has raised a total of $28.3 million from investors, including Artha Venture Fund and Rockstud Capital.
Sumeet Nindrajog, Co-founder and Senior Partner at Paragon Partners expressed confidence in Everest Fleet’s ability to tap into the growing demand for dependable shared mobility solutions in India, citing their well-positioned stance to capitalize on this trend. Paragon Partners has previously invested in companies like InCred Finance, mCaffeine, and Chai Point.
