Everest Fleet is a fleet management platform offering mobility startup that has secured Rs 251.7 crore in its series C funding round. This round was led by the ride-hailing service provider Uber and had the participation of other investors. The startup plans to use this fresh capital to scale its business operations, enhance its performance capability, and improve its platform while developing a strong market presence.
The board has approved a special resolution to allot 13,726 series C preference shares to raise around 30 million USD. According to the company filing, 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 across multiple cities.
The startup claims to have managed over twenty lakh trips and is one of the few companies to use a 100 percent CNG fleet of vehicles. The company has raised 34.3 million USD across seven funding rounds since its inception, including a $12.1 million conventional debt round led by Axis Bank. This investment shows Uber’s trust in the Everest Fleet’s market potential and business model.
The startup data intelligence platform, the kredible mentioned that the company has reported a post-money allotment valuation of $425 million. Everest Fleet also received a $20 million investment in August from the international finance corporation. The increased time of the deal is expected to make the series C round to be around $50 million. After this round, the existing investor Uber holds the largest external stake with 11.37 percent. The founder of the Everest fleet, Siddharth Anand Ladsariya holds the remaining 52 percent while the ESOP pool represents 4.76 percent of the firm. The startup faces competition from other fleet management solution offering platforms such as Samsara, and Wright Express.
The Mumbai startup reported a 2.2 times increase in its revenue to Rs 1,020 crore in FY24. The company had a total revenue of Rs 466 crore with a profit of Rs 41 crore in FY23. The company will be using this fund to strengthen its platform, make it more reliable, and expand its services in India. Everest Fleet intends to use this amount to scale up its in-house infrastructure and advance its technology. The development came just after the fleet management solution market saw increased investor interest.
Conclusion :
Everest Fleet is a Mumbai-based mobility startup offering a fleet Management platform for fleet operators. The startup got fresh capital of Rs 251.7 crore from the ride-hailing service provider Uber. The funding round saw the participation of various other investors. The company plans to use this amount to scale up its in-house infrastructure, meet market capital requirements, and develop its market presence.
The funding round took place at a valuation of $425 million. After this round, the existing investor Uber became the largest external stakeholder with 11.37 percent followed by the firm’s founder with 52 percent. The company’s board approved the resolution to issue 13,726 series C preference shares to raise the funding amount.
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