Mumbai-based fleet operator Everest Fleet has secured $30 million as part of its ongoing $50 million Series C funding round, led by Uber’s Indian subsidiary. The company’s board approved the issuance of 13,726 Series C compulsory convertible preference shares, raising ₹251.7 crore ($30 million), according to regulatory filings obtained from Tofler.
The newly raised capital will be used to expand Everest Fleet’s operations and increase its fleet of clean-energy vehicles, including compressed natural gas (CNG) and electric vehicles (EVs), as announced on Friday.
“The shared mobility sector in India is rapidly evolving, and we are dedicated to leading this shift. With this investment, we’ll be able to expand our CNG and electric vehicle fleet, contributing to India’s green transportation goals,” said Siddharth Ladsariya, founder of Everest Fleet.
Earlier this year, Axis Bank provided a $12 million loan, backed by GuarantCo, to help Everest accelerate its transition to a sustainable electric fleet in India.
