The company owns a fleet of more than 10,000 CNG and electric cars in seven cities running on ride-sharing platforms such as Ola and Uber and aims to increase it to more than 17,000 by March 2024.
Debt Investment for startup: Mid-market focused alternative investment fund Arka Credit Fund I (ACF I) on Thursday announced an investment in the non-convertible debentures (NCDs) of the fleet management company in the shared mobility space Everest Fleet. The company owns a fleet of more than 10,000 CNG and electric cars in seven cities running on ride-sharing platforms such as Ola and Uber and aims to increase it to more than 17,000 by March 2024. ACF I is managed by Arka Investment Advisory Services (AIASPL).
“The investment in Everest Fleet aligns with our investment philosophy of partnering with credible mid-market players, by providing them access to sustainable capital in their overall growth journey,” said Sonit Singh, Director, AIASPL. Launched in October 2022, ACF I is a diversified, sector-agnostic, mid-market-focused fund targeting debt funding in investment-grade middle-market companies.
Siddharth Ladsariya, Cofounder, of Everest Fleet, said, “The confidence of Arka Credit Fund I in us by way of this funding only motivates us to stand tall on our mission. It will help us ease the daily commute and enhance the experience of riding by ensuring efficiency across the channels, thus positively impacting the lives of drivers and commuters.”
The latest investment comes weeks after Everest Fleet raised a $20 million funding round led by Uber in June to expand its business operations and widen the supply pool. In December last year, Tata Motors entered into a memorandum of understanding with the company to deliver 5,000 Xpres-T EVs.