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Everest Fleet raises $20M led by Uber to expand ridesharing operations

Everest Fleet has raised $20 million in a round led by the ridesharing company Uber. Everest provides CNG and Electric cars for ridesharing platforms such as Uber and Ola. The funding will support the expansion of its operations and increase the supply of vehicles for the ridesharing industry in India. The company, headquartered in Mumbai, was established in 2016.

The co-founder of Everest Fleet, Siddharth Ladsariya, stated that the funding will accelerate the company’s transition from a fleet dominated by CNG (compressed natural gas) vehicles to one that includes both CNG and electric vehicles. Their goal is to have 10,000 electric vehicles in their fleet by 2026. Ladsariya emphasized that with the scaling up of operations, they aim to provide a good driver partner proposition while ensuring a better experience for customers.

Currently, Everest Fleet employs over 10,000 drivers and operates in seven major cities in India, including Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Kolkata, and Pune, according to an official statement.

Prabhjeet Singh, President of Uber India and South Asia, highlighted the importance of providing drivers with easy access to vehicles and mentioned that this investment will create earning opportunities for thousands of drivers across India. He also expressed Uber’s commitment to offering a valuable service experience to riders by adding new cars, including electric vehicles, to their platform.

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