Paragon Partners has invested Rs 50 crore in Everest Fleet, a fleet management provider, to support its growth and expansion into new markets.
Everest Fleet is a mobility company that provides a ride-hailing platform with a standardised fleet of CNG and electric cars and driver personnel.
Currently, it has a fleet of over 13,000 cars and operates in seven cities in India.
The company’s founder and CEO, Siddharth Ladsariya, believes that fleet management providers will partner extensively with cab aggregation and ride-hailing platforms to provide India’s urban citizens with comfortable commute and travel options.
Everest Fleet is Uber’s largest professionally managed fleet supplier in India, and the global ride-sharing company led a $20 million funding round into the Mumbai-based company. Paragon Partners’ investment will help Everest Fleet to expand its fleet of electric vehicles (EVs) and onboard 10,000 EVs by 2026.
The private equity firm believes that Everest Fleet has a clear blueprint to unlock the immense potential for shared mobility in India through its fleet management solutions, and is excited to partner with them on their journey.
Sumeet Nindrajog, co-founder and senior partner at Paragon Partners, said that the firm firmly believes that the future belongs to an organised framework for shared mobility. Logistics and mobility are key areas of focus, and
Everest Fleet marks the second investment in this segment and the fourth investment from Paragon Partners’ second fund.
The private equity firm is confident that Everest Fleet is well-positioned to capitalise on the growing need for reliable shared mobility structures.
