Uber has taken the lead in a funding round worth $20 million for Everest Fleet, a fleet management company based in Mumbai. Everest Fleet operates a fleet of over 10,000 vehicles that run on popular rideshare platforms Uber and Ola across India. The funding will be used to accelerate Everest’s transition to electric vehicles (EVs), with a target of achieving a fleet of 10,000 EVs by 2026.
Uber has been increasingly relying on fleet management companies like Everest to help their drivers gain access to vehicles. Ruchica Tomar, an Uber spokesperson, stated that as Uber in India progresses towards electrification, larger fleets such as Everest will play an increasingly vital role. Fleet companies are better positioned to handle challenges like scaling up battery charging infrastructure and securing bulk commitments from EV manufacturers, particularly when EVs are still not affordable for Indian drivers.
This investment aligns with Uber’s recent launch of Uber Green in India, an option for riders to select hybrid or electric vehicles for their trips. The service was initially introduced in Delhi, Mumbai, and Bengaluru, reflecting Uber’s commitment to achieve carbon neutrality by 2040.
Uber aims to bring over 1 million EVs to its platform in India and South Asia, considering it a crucial aspect of its regional growth strategy. In February, Uber signed a partnership with Tata Motors, a leading Indian automobile manufacturer, to add 25,000 EVs to its fleet. Everest, along with other fleet providers like Lithium and Moove, will contribute to this ambitious plan.
Everest currently operates fleets in major cities such as Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Kolkata, and Pune. With this new investment, the company intends to expand its presence to other significant cities in India and potentially enter the global market.
Prabhjeet Singh, President of Uber India and South Asia, praised Everest’s impressive fleet growth and their ability to set new industry standards in asset utilization. Singh believes that with the addition of new cars, including EVs, Uber will continue to provide excellent service experiences to riders.
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