Mobility startup Everest Fleet has raised Rs.251.7 crore (approximately $30 million) in its Series C funding round from global ride-hailing leader Uber. This marks Uber’s second investment in the company, which manages a fleet of cabs for the platform.

The Everest Fleet board has approved the issuance of 13,726 Series C preference shares to secure this funding, as indicated in a regulatory filing from the Registrar of Companies (RoC).

According to startup data intelligence platform TheKredible, Everest Fleet's valuation has reached around $425 million post-allotment.

The Mumbai-based company plans to use the new funds for general operations, working capital needs, capital expenditures, and business expansion.

With this latest investment, Uber has become the largest external stakeholder in Everest Fleet, holding an 11.37% stake, while the firm’s founder, Siddharth Anand Ladsariya, retains 52%. The company also has an ESOP pool, accounting for 4.76% of its equity.

In August, the International Finance Corporation (IFC) committed to invest $20 million in equity in the Bengaluru-based startup. If finalized, this deal will increase the Series C round to $50 million.

Founded in 2016, Everest Fleet operates in the shared mobility sector in India and is a partner of both Uber and Ola. It is recognized as Uber's largest professionally managed fleet supplier in the country.

In June of last year, Everest Fleet raised $20 million in a round led by Uber, which also allowed for a partial exit for early backer Artha Venture. Earlier this year, the firm secured Rs.100 crore ($12 million) in debt from Axis Bank for Funding roundelectric vehicle purchases.

For the fiscal year ending March 2024 (FY24), Everest Fleet's revenue is projected to increase nearly 2.2 times to Rs.1,015-1,020 crore, up from Rs.466 crore in FY23, according to disclosures made to CRISIL Ratings. In FY23, the company reported Rs.466 crore in revenue and Rs.41 crore in profit.