Axis Bank has extended a loan of INR 100 Cr ($12.1 Mn) to Everest Fleet for four years along with GuarantCo, a local-currency credit solution company, part of the Private Infrastructure Development Group (PIDG) as its guarantor.
Founded in 2016 by Siddharth Ladsariya, Everest Fleet will utilise the funds to add more electric vehicles (EVs) to its fleet. As a part of this transaction, GuarantCo has given its guarantee for two-thirds of the loan credited from Axis Bank to Everest Fleet.