EverestEV1

pending

 Everest Fleet Private Limited (“Everest” or “Company”) (https://everestfleet.com/ ) is an end-to-end fleet manager for ride hailing platforms such as Uber and Ola. It has operations in 7 cities: Mumbai (2016), Bengaluru (2018), Delhi (2021), Hyderabad (2021), Pune (2022), Kolkata (2022) and Chennai (2022). Everest is the largest fleet operator on Uber’s platform in each of the cities it operates working with around 20000 drivers and cars which are a mix of Compressed Natural Gas (CNG) [~16000 in all 7 cities] and Electrical Vehicles (EVs) [~2100 in Delhi, Mumbai, Bengaluru, Kolkata and Hyderabad] making it a market leader in a largely unorganized sector. Everest has recently onboarded Uber as a minority shareholder as well (4.55% shareholding). The company is headquartered in Mumbai with core corporate functions and for each city, the company has developed a strong in-house team for recruitment of drivers, repairs and service and for IT development leading to better efficiency, higher control of management leading to improved quality of service. As part of its key business, Everest primarily provides fleet to Uber. Uber operates a mobile application “Uber App” that connects its registered riders with its Uber registered and independent driver/partners. The driver/partners provide transportation service to the registered riders. Uber onboards vehicles from Everest Fleet onto the Uber App on a revenue sharing basis. The vehicles onboarded by Everest are driven by drivers/partners onboarded by Everest, and mandatorily registered on Uber App.  IFC proposes an Equity investment of US$20 million in the company for the company to expand its existing fleet of CNG & EV vehicles, as well as to support the Company’s transition to EVs. By 2026, Everest aims to have 10,000 EVs in its overall fleet (of ~36,000) from 2100 today. The company plans to add up to 15,000+ vehicles in the next 18 months and expand to the EV sector.  Uber has a Memorandum of Understanding (MoU) with Tata Motors to bring 25,000 EVs onto the platform over the next 3-5 years. Of this, 5,000 have been allocated to Everest, to be acquired over the next 3 years, called “New Fleet”. Under that, Everest has signed an MoU with Tata Motors for the purchase of 5,000 EVs of the Tata Xpres (T-model) or a similar car manufactured by Tata. For CNG cars maintenance, the company proposes to gradually transition to external/authorized repairing centers/ service station in the coming few months (transition already in place at Mumbai, Hyderabad, Pune, Chennai and Bengaluru). EV vehicles will be directed to Tata service centers. In addition, Everest will expect vehicle maintenance (both for EV and CNG) also at space provided by Everest (usually associated with hubs) in cities of operation.