Uber Leads $20 Million In Everest Fleet

Uber Leads $20 Million In Everest Fleet

The company will use the funds to accelerate its transition to electric vehicles, aiming to have 10,000 in its fleet by 2026

The transportation and ride-sharing technology company, Uber, has led a $20 million round into Everest Fleet, a Mumbai-based fleet management company. The latter operates over 10,000 vehicles running on rideshare platforms Uber and Ola throughout India.

Uber has increasingly relied on fleet management companies like Everest to help its drivers gain access to vehicles.

Ruchica Tomar, an Uber spokesperson, remarked, “As Uber in India continues its path to electrification, larger fleets like Everest will become increasingly important. Fleets are better positioned to tackle challenges like battery charging at scale and securing bulk commitments from electric vehicle (EV) manufacturers at a time when these are yet to be affordable for Indian drivers.”

Recently, Uber launched Uber Green in India. It’s an option for riders to choose a hybrid or EV to reach their destination.

The service was launched in Delhi, Mumbai and Bengaluru, and is aligned with the company’s goal to reach carbon neutrality by 2040.

Uber has a target of bringing over 1 million EVs to its platform in India and South Asia, which it considers a key piece in its regional growth strategy.

Early this year, it signed a deal with India’s Tata Motors to bring 25,000 EVs into its fleet in partnership with providers like Everest, Lithium and Moove.

Everest operates fleets in Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Kolkata and Pune. The company hopes to use the investment to expand its footprint to other major Indian cities and globally.

Prabhjeet Singh, president of Uber India and South Asia, stated, “Everest has grown its fleet at an impressive pace and has set new industry benchmarks in asset utilization. With the addition of new cars, including EVs, Uber will continue to deliver a great service experience to riders.”