Uber-backed fleet management startup Everest Fleet has raised INR 50 Cr ($6 Mn) in a strategic funding round from private equity firm Paragon Partners.
The startup will utilise the capital to accelerate its growth plans and venture into new markets, The Economic Times reported.
“… We envisage a future where fleet management providers will partner extensively with cab aggregation and ride-hailing platforms to provide India’s urban citizens with comfortable commute and travel options… The company has a fleet of more than 13,000 cars,” said Everest Fleet cofounder and chief executive officer (CEO) Siddharth Ladsariya.
Founded in 2016, Everest Fleet operates a fleet of more than 13,000 green fuel (CNG and electric) cars. It has a presence in seven cities – Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune.
Commenting on the fundraise, Paragon Partners’ cofounder and senior partner Sumeet Nindrajog said, “Everest Fleet has a clear blueprint to unlock the immense potential for shared mobility in India through its fleet management solutions. We believe that it is well positioned to capitalise on the growing need for reliable shared mobility structures and are excited to partner with them on their journey.”