Everest Fleet, a fleet management platform providing mobility startup, has secured Rs 251.7 crore in its Series C funding round. The round was led by ride-hailing service provider Uber and had participation from other investors. The startup plans to use this fresh capital to scale its business operations, enhance its performance capability and improve its platform as well as develop a strong market presence.
The board has approved a special resolution to allot 13,726 Series C preference shares to raise around USD 30 million. According to company filings, the startup will use these fresh proceeds for working capital purposes and market expansion. The startup offers an online platform that provides services for ride-hailing companies like UBER in multiple cities.
The startup claims to have managed over two million trips and is one of the few companies that uses 100 percent CNG vehicles. The company has raised USD 34.3 million in seven funding rounds since its inception, including a USD 12.1 million traditional debt round led by Axis Bank. This investment reflects Uber's confidence in Everest Fleet's market potential and business model.
Credible, a startup data intelligence platform, reported that the company has reported a post-money allotment valuation of $425 million. Everest Fleet also received an investment of $20 million from International Finance Corporation in August. The extended timing of the deal is expected to bring the Series C round to around $50 million. After this round, existing investor Uber holds the largest external stake with 11.37 per cent. Everest Fleet founder Siddharth Anand Ladsaria holds the remaining 52 per cent stake while the ESOP pool holds 4.76 per cent of the firm. The startup is facing competition from other fleet management solution offering platforms such as Sansaar and Right Express.
The Mumbai-based startup recorded a 2.2x growth in its revenue to Rs 1,020 crore in FY24. The company's total revenue in FY23 was Rs 466 crore and profit was Rs 41 crore. The company will use the funds to strengthen its platform, make it more reliable, and expand its services in India. Everest Fleet intends to use the amount to enhance its in-house infrastructure and advance its technology. The development comes at a time when investor interest in the fleet management solutions market has grown.
conclusion :
Everest Fleet is a Mumbai-based mobility startup that provides a fleet management platform for fleet operators. The startup has received fresh capital of Rs 251.7 crore from ride-hailing service provider Uber. Several other investors also participated in the funding round. The company plans to use the amount to enhance its in-house infrastructure, meet market capital requirements, and develop its market presence.
The funding round took place at a valuation of $425 million. Following the round, existing investor Uber became the largest external shareholder with 11.37 per cent, followed by the firm's founders with 52 per cent. The company's board approved a proposal to issue 13,726 Series C preference shares to raise the funding amount.
