Axis Bank has extended a loan of INR 1 Bn ($12.1 Mn) to Everest Fleet for four years along with GuarantCo, a local-currency credit solution company, part of the Private Infrastructure Development Group (PIDG) as its guarantor.

Founded in 2016 by Siddharth Ladsariya, Everest Fleet will utilise the funds to add more electric vehicles (EVs) to its fleet. As a part of this transaction, GuarantCo has given its guarantee for two-thirds of the loan credited from Axis Bank to Everest Fleet.

Expressing his views on the partnership, Rajiv Anand, deputy managing director, Axis Bank said, “Axis Bank is committed to driving the e-mobility revolution in India. By collaborating with GuarantCo, we aim to empower companies that are working towards fostering sustainable transportation solutions to combat climate change.”

He added that through this blended finance transaction, Axis Bank has supported a service model and mobilised development capital.

“We are consistently striving not only to encourage communities to adopt electric vehicles, but also catalysing progress towards a greener, cleaner future for all, echoing our commitment to the UN Sustainable Development Goals,” said Anand.

Everest Fleet’s Growth Journey

Ladsariya launched Everest Fleet in Mumbai in October 2016 with a clear mission: To transform the transportation landscape. He began the fleet management startup with just two cars and has achieved tremendous growth since then.

Today, Everest Fleet is a critical vendor for Uber, providing essential transportation services through its vehicle fleet. Ladsariya stated that Everest Fleet, as Uber’s largest fleet partner in India and one of the top three globally, plays a vital role in ensuring reliable and efficient mobility solutions for Uber’s customers.

In June 2023, Uber invested $20 Mn in Everest Fleet to accelerate its transition from a CNG-dominated company to one with a mix of CNG and electric vehicles in the next five years. Everest Fleet aims to have 10,000 electric vehicles by 2026 as part of its overall fleet, Ladsariya added.

Currently, Everest Fleet operates a fleet of 16,500 green fuel vehicles (15,000 CNG and 1,500 electric) alongside 19 refrigerated vans for delivering perishable items across Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Kolkata and Pune.