Having maintained a decent profit margin in the last fiscal year, Everest Fleet, an Uber-backed mobility startup, experienced more than two-fold growth in its scale. It is worthy to note that Everest Fleet is one of the few startups in the mobility space to report profits for consecutive fiscal years - FY23 and FY24. According to the company’s consolidated financial statement filed with the Registrar of Companies (RoC), Everest Fleet’s revenue from operations grew 120.7% from Rs 466.53 crore in FY23 to Rs 1029.44 crore.
As a business focused on fleet management and passenger transportation, Everest Fleet earns revenue from its services to the customers based on the trips provided or agreement with the customers. Furthermore, part of the revenue also comes from B2B services such as food transportation and car rental services to corporates. Furthermore, it also earns from marketing campaigns.
Taking its total revenue to Rs 1,057 crore in FY24, the firm earned Rs 27.71 crore via interest and gains on financial assets (non-operating).
Everest Fleet is currently operating in India’s shared mobility space and is a partner to ridesharing companies which include the likes of Uber and Ola. As per the company, it is Uber India’s largest professionally managed fleet supplier and also owns a fleet of more than 18,500 cars operating in 7 cities, including Mumbai, Delhi, Hyderabad, Chennai, Kolkata, and Bengaluru.
If we speak of the expenses, employee benefit was the largest cost vertical for Everest Fleet which has witnessed an upsurge of 104 percent from Rs 33.42 crore in the previous fiscal year to Rs 68.28 crore in FY24. While depreciation costs jumped to Rs 53.85 crore from Rs 19.16 crore, finance costs have also increased 150% to Rs 33.80 crore. Furthermore, as compared to Rs 414.36 crore in the previous fiscal year, these higher employee benefits, finance costs, depreciation, and other operational expenses have taken the total expenditure of the firm up by over 2X to INR 1,007 crore in FY24.
However, Everest Fleet profit has declined 8% from Rs 41.23 crore in FY23 to Rs 37.94 crore during the last fiscal year. Also to note, its operating cash flows improved by 80.1% and stands currently at Rs 41.09 crore in this period.
According to a credible source, the EBITDA margin and ROCE was registered at 13.04 percent and 13.29 percent, respectively. The company spent Re 0.98 to earn a rupee of operating revenue during FY24 on a unit level.
Everest Fleet has recently raised USD 30 million from Uber and has also scooped up around USD 63 million to date from the likes of Paragon Partners, Uber, Rockstud Capital, and Incred Capital, among others. Last year in June, it provided a partial exit to its early backer Artha Venture and its founder Siddharth Ladsaria still controls more than 50 percent holding in the company.
Everest Fleet also received a commitment of USD 20 million in funding from International Finance Corporation (IFC) in the month of August. Going forward, this Bengaluru-based company has plans to scale operations and expand its fleet of clean-energy vehicles, which will CNG and electric vehicles (EVs).
