Through a preferential share offering, Mumbai-based mobility company Everest Fleet Pvt. Ltd. has received INR 251.7 Cr (about $30.1 Mn) from current investors and ride-hailing giant Uber.
Everest Fleet said in a filing with the Ministry of Corporate Affairs that its board had approved a special resolution authorizing the issuance of 13,726 Series C compulsorily convertible preference shares to Uber India, with a face value of INR 1 per share and a premium of INR 1.83 lakh. The shares have a combined value of INR 251.7 Cr.
With this transaction, Uber India now owns an 11.37% stake in Everest Fleet, making it the company’s largest stakeholder. Everest Fleet’s cofounder Siddharth Ladsariya owns 56.04% of the business.
Everest Fleet, which was founded in 2016 by Siddharth Ladsariya, Himani Ladsariya, Prihaans Dedhiya, Monil Sheth, Anand Chheda, Amar Kerkar, and Shivang Unadkat, manages a fleet of around 18,000 green fuel (CNG and electric vehicle) cars in India’s rapidly expanding mobility industry.
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