Uber Secures $20M Round to Expand EV Operations in India’s Everest Fleet
Uber has led a $20 million investment in Everest Fleet, a Mumbai-based fleet management company with over 10,000 vehicles running on rideshare platforms like Uber and Ola throughout India. The company will use the funds to accelerate its transition to electric vehicles (EVs), with a goal of achieving 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," said Ruchica Tomar, an Uber spokesperson, "larger fleets like Everest will become increasingly important. 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—a service option for riders to choose hybrid or electric vehicles (EVs) for their trips. This service was initially available in Delhi, Mumbai, and Bengaluru and is aligned with Uber’s goal to reach carbon neutrality by 2040.
Uber has a target of introducing more than 1 million EVs to its platform in India and South Asia, which it considers a key component of its regional growth strategy. To achieve this, in February, Uber signed a deal with Tata Motors to bring 25,000 EVs into its fleet, in partnership with fleet providers like Everest, Lithium, and Moove. Everest operates fleets in cities such as Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Kolkata, and Pune. The company aims to expand its footprint to other major Indian cities and even globally.
"Everest has grown its fleet at an impressive pace," said Prabhjeet Singh, president of Uber India and South Asia, "and with this investment, we are further accelerating our transition to a sustainable future." Everest Fleet’s focus on EVs aligns with Uber’s broader commitment to reducing carbon emissions and enhancing the sustainability of its operations. The company has also been actively exploring innovative technologies to support its fleet management operations, including advanced battery management systems and electric vehicle charging infrastructure.
The investment in Everest Fleet is part of Uber’s larger strategy to enhance its fleet capabilities while ensuring a seamless and sustainable user experience. By partnering with companies like Everest, Uber aims to build a robust ecosystem that supports the growing demand for EVs in India. The company has also been proactive in developing green initiatives, such as the "Uber Green" service, which offers an additional option for drivers to choose vehicles that align with their environmental preferences.
In addition to its fleet management operations, Everest Fleet is also exploring partnerships with automakers and technology providers to stay ahead of the curve in the EV market. The company has a strong track record of delivering high-quality fleet management solutions, which has made it a trusted partner for Uber in its quest to expand its operations and meet customer demands.
The launch of "Uber Green" has been met with both enthusiasm and skepticism from industry stakeholders. While some see it as an innovative way to cater to environmentally conscious users, others worry that the service may not achieve the scale needed to significantly impact the overall EV adoption rate in India. However, Uber’s commitment to sustainability appears to be a key factor in its ability to attract investment and maintain its competitive edge in the rapidly evolving rideshare industry.
In conclusion, Uber’s $20 million investment in Everest Fleet represents a strategic move to accelerate its transition to electric vehicles while expanding its fleet management capabilities. The partnership with Everest Fleet is expected to play a crucial role in achieving Uber’s long-term goals of reducing carbon emissions and improving sustainability across its operations. With a focus on innovation and customer-centric solutions, Uber continues to build a strong foundation for its future growth in India and beyond.