Uber has invested $20 million in Everest Fleet, a fleet management company based in Mumbai. Everest Fleet currently operates over 10,000 vehicles on popular rideshare platforms Uber and Ola across India. The purpose of this investment is to expedite Everest Fleet’s transition to electric vehicles (EVs), with a target of incorporating 10,000 EVs into their fleet by 2026.
Uber has been increasingly relying on fleet management companies like Everest Fleet to facilitate vehicle access for its drivers. Ruchica Tomar, an Uber spokesperson, stated that as Uber progresses towards electrification in India, larger fleets such as Everest Fleet will play a vital role. Fleets are better equipped to handle challenges like scaling up battery charging infrastructure and negotiating bulk agreements with EV manufacturers, especially considering the affordability concerns for Indian drivers.
This investment comes in conjunction with Uber’s recent launch of Uber Green in India. The service enables riders to choose hybrid or electric vehicles for their trips, aligning with Uber’s ambition to achieve carbon neutrality by 2040. Bringing more than 1 million EVs to its platform in India and South Asia is a key element of Uber’s regional growth strategy. In pursuit of this objective, Uber partnered with Tata Motors in February to introduce 25,000 EVs into its fleet through collaborations with fleet providers like Everest Fleet, Lithium, and Moove.
Everest Fleet currently operates in major cities such as Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Kolkata, and Pune. The company aims to leverage this investment to expand its presence in other significant Indian cities and potentially on a global scale.
Prabhjeet Singh, the President of Uber India and South Asia, highlighted Everest Fleet’s rapid fleet growth and exceptional asset utilization. Singh expressed confidence that Uber’s partnership with Everest Fleet, including the addition of new vehicles, including EVs, will continue to enhance the overall service experience for riders.
