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Uber Invests $20M in India's Everest Fleet for EV Expansion

Uber invests $20M in Everest Fleet, fueling their shift to 10,000 electric vehicles by 2026
June 15, 2023

Uber, the leading rideshare platform, has taken the wheel in a $20 million funding round for Mumbai-based fleet management company, Everest Fleet. With over 10,000 vehicles operating on Uber and Ola platforms across India, Everest Fleet aims to accelerate its transition to electric vehicles (EVs) and have 10,000 EVs in its fleet by 2026.

Uber has been increasingly relying on fleet management companies like Everest to facilitate vehicle access for its drivers. Recognizing the importance of larger fleets like Everest in the path to electrification, Uber spokesperson Ruchica Tomar emphasized their ability to tackle scale challenges, such as battery charging and securing commitments from EV manufacturers, especially as affordability remains a key consideration for Indian drivers.

This investment comes at a time when Uber has recently introduced Uber Green in India, offering riders the option to choose hybrid or electric vehicles for their journeys. Initially launched in Delhi, Mumbai, and Bengaluru, this service aligns with Uber's commitment to achieving carbon neutrality by 2040. With a target of adding over 1 million EVs to its platform in India and South Asia, Uber sees EV expansion as a crucial component of its regional growth strategy.

Uber's collaboration with Everest, along with Tata Motors, Lithium, and Moove, highlights its commitment to building partnerships and expanding its EV fleet. Everest Fleet's remarkable expansion in prominent Indian cities like Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Kolkata, and Pune has set the stage for their ambitious growth plans. With this significant investment, Everest intends to broaden its reach beyond India, targeting global expansion opportunities.

Uber's $20 million investment in Everest Fleet reinforces its commitment to driving the adoption of electric vehicles in India. By leveraging the expertise and resources of fleet management companies like Everest, Uber aims to overcome challenges and deliver an exceptional service experience for riders. As Uber accelerates its electrification efforts, this strategic investment marks a significant step towards achieving a sustainable and eco-friendly future in the Indian ridesharing industry.

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