Everest Fleet is a mobility startup offering management solutions for fleet operators that announced a 120.7 percent increase in operational revenue to Rs 1,029.4 crore in FY24. The startup provides services for UBER users across different cities in India.
The application offers fleet management and passenger transportation services. The trips provided or agreements with customers and B2B services are the company’s primary source of revenue. The startup also provides car rental services and food transportation to corporates.
Entrackr mentioned in its report that the firm earns its income through marketing campaigns. The company earns Rs 27.71 crore through interest and gain on financial assets. This pushed the total revenue generated was around Rs 1,057 crore in FY24.
The company has secured around $64.3 million across multiple funding rounds since its inception, including 30 million USD raised during its series C funding round led by Uber with the participation of other investors. The data intelligence platform, tracxn mentioned the firm’s post-money valuation to be around 217 million USD as of September 2023.
The Mumbai-based firm is the only company that uses a 100 percent CNG fleet of vehicles. The firm managed to have completed twenty lakh and above trips. The startup also provides other transportation services like deliveries and ride-hailing services. Everest Fleet claims to be Uber India’s largest professionally managed fleet supplier. The depreciation costs stood at Rs 53.85 crore in FY24. The finance, employee benefits, rent, and other expenses increased the total expenditure by 143 percent to Rs 1,007 crore in this financial year. Everest Fleet faces competition from other fleet operating platforms such as Samsara, LocoNav, and Wright Express.
The startup remained profitable and the profit saw an 8 percent decrease to Rs 37.94 crore in this fiscal year. Meanwhile, employee benefits increased by 104 percent to Rs 68.28 crore with financial cost increased by 150 percent to Rs 33.80 crore in the same duration. The mobility startup failed to manage its losses by 8 percent. The company intends to manage its losses for this financial year. The firm claims to have over 18,500 cars operating in 7 cities. The company offers its services in Mumbai, Kolkata, Chennai, Bengaluru, and Hyderabad. The EBITDA margin stood at 13.04 percent, while the ROCE was around 13.29 percent in this financial year.
Conclusion :
Uber-backed mobility startup Everest Fleet announced a 120.7 percent increase in its operational revenue to Rs 1,029.4 crore in FY24. The startup offers management solutions to fleet operators. The firm provides passenger transportation and B2B services like car rental and food transportation services. These services and interest and gain on non-operating services are the firm’s primary sources of revenue.
The profit also decreased by 8 percent to Rs 37.94 crore in FY24. The total expenditure of the firm increased by 143 percent and crossed Rs 1,007 crore in the same duration. The company has secured over 64.3 million USD across multiple funding rounds to date.
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