Uber leads $20M round in India’s Everest Fleet for EV expansion

Uber has led a $20 million round into Everest Fleet, a Mumbai-based fleet management company that boasts over 10,000 vehicles running on rideshare platforms Uber and Ola throughout India. The company will use the funds to accelerate its transition to electric vehicles, with a goal of having 10,000 EVs in its fleet by 2026.

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

“As Uber in India continues on its path to electrification, larger fleets like Everest will become increasingly important,” said Ruchica Tomar, an Uber spokesperson. “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.”

The investment comes as Uber recently launched Uber Green in India, an option for riders to choose a hybrid or electric vehicle to ferry them to their destination. The service first launched in Delhi, Mumbai and Bengaluru, and is aligned with Uber’s goal to reach carbon neutrality by 2040.

Uber has a target of bringing more than 1 million EVs to its platform in India and South Asia, which it considers a key piece in its regional growth strategy. To that end, in February, Uber signed a deal with India’s Tata Motors to bring 25,000 EVs into its fleet in partnership with fleet providers like Everest, as well as Lithium and Moove.

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

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