Fleet-management company Everest Fleet raised $20 million in a funding led by Uber. The funding will fuel Everest Fleet’s transition from a CNG-dominated fleet to one that incorporates both CNG and electric vehicles (EVs) over the next five years. The company aims to have 10,000 EVs as part of its overall fleet by 2026.
This investment marks Uber’s first inorganic investment in India, demonstrating its commitment to supporting drivers in accessing vehicles. Everest Fleet, founded in 2016, currently operates with over 10,000 cars in metro cities across India, including Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune. With the fresh capital infusion, the company plans to expand its presence to other major Indian cities and explore new global territories.
Uber has been actively promoting EV adoption in its fleets. In February, the company announced a partnership with Tata Motors to introduce 25,000 EVs in the premium category service. It also signed an MoU with Tata Motors for around 25,000 XPRES–T EVs. Last month, Uber unveiled plans to add 25,000 electric cars through partnerships with fleet providers, including Everest, as part of the launch of Uber Green in June. Additionally, it intends to deploy 10,000 electric two-wheelers in Delhi by 2024 in collaboration with Zypp Electric.
The move toward EVs aligns with Uber’s commitment to providing 100% rides using zero-emission vehicles by 2040. With growing concerns about climate change, governments worldwide, including India, have been actively promoting the growth of the EV industry. The Indian government has introduced initiatives such as developing a master app to track real-time availability of nearby EV charging slots, while various state governments, including Delhi and Karnataka, are implementing policies to encourage EV adoption.
Uber’s investment in Everest Fleet not only supports the company’s EV ambitions but also opens up earning opportunities for thousands of drivers in India. The partnership between Uber and Everest Fleet aims to deliver a superior service experience to riders while contributing to the sustainable future of transportation in the country.
