Mumbai-based fleet management company, Everest Fleet, has secured a $20 million funding round led by Uber. The investment aims to accelerate Everest’s transition to electric vehicles (EVs) and expand its reach to other cities in India and potentially globally. The partnership with Uber is expected to help overcome challenges such as battery charging at scale and securing commitments from EV manufacturers. Uber’s goal of carbon neutrality by 2040 aligns with its plan to bring over 1 million electric vehicles to its Indian and South Asian platforms.
Everest Fleet has secured a $20 million funding round led by Uber. This Mumbai-based fleet management company has more than 10,000 vehicles running on rideshare platforms Uber and Ola throughout India. The company plans to use these funds to speed up its transition to EVs. By 2026, their aim is to have 10,000 electric vehicles as a part of the fleet and the main purpose for which Uber invests in Everest Fleet for EV growth in India.
On the other hand, Everest operates fleets in Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune. With this investment, the company aims to broaden its reach to other prominent cities in India and even on a global scale. In order to provide its drivers, access to vehicles, Uber is largely depended on fleet management firms, such as Everest Fleet.
An Uber spokesperson, Ruchica Tomar said, “As Uber in India continues on 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 EV manufacturers at a time when EVs have yet to be affordable for Indian drivers.â€
Uber recently launched Uber Green in India, through which riders get an option to choose an electric or hybrid vehicle for their rides. The service was first launched in Mumbai, Delhi, and Bengaluru. To tackle the estimated demands arising from this new feature, the company invested in EF. With this, Uber aims to reach its goal of carbon neutrality by 2040.
The rideshare company has a target to bring more than 1 million electric vehicles to its Indian and South Asian platform. This is one of their key pieces of regional growth strategy leading to electric vehicle expansion in India. In February, Uber made a deal with Tata Motors from India to add 25,000 electric vehicles to its fleet through partnerships with fleet providers including Everest, Moove, and Lithium.
President of Uber India and South Asia, Prabhjeet Singh said in a statement, “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 electric vehicles, Uber will continue to deliver a great service experience to riders.â€
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Other Industry Leading Partnership of Uber to Sustain EV Momentum in India
Uber will partner with Zypp Electric to add 10,000 electric two-wheelers to UberMoto by 2024, promoting sustainable mobility. More than a thousand Zypp Electric two-wheelers have already been put into service on UberMoto in Delhi.
Uber has made a deal with India’s biggest Small Industries Development Bank of India (SIDBI) to provide $10 billions of low-interest loans to their fleet partners. They can use the loans to buy EV and CNG vehicles.
Uber is expanding its electric vehicle charging infrastructure in India by partnering with BP Pulse and JioBP to provide fast-charging stations for its drivers. In addition, Uber is collaborating with GMR Green to improve its charging network. Uber drivers will now have the opportunity to benefit from a fast-charging infrastructure designed for Uber EVs through these partnerships. Uber signs a deal with Everest Fleet and other EV related companies that will surely benefit them in achieving their zero-emission goal in near future.
