Fleet supplier Everest Fleet on Wednesday announced the closure of $20 million funding round led by Uber. The company operates in the shared mobility space in India and is an existing partner to ridesharing companies like Uber and Ola.

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The funding will enable Everest Fleet to expand its operations and grow the overall supply pool available for the ridesharing industry where demand continues to outstrip vehicle supply, the company said in a statement.

“This funding round will accelerate our transition from being a CNG-dominated fleet to one with CNG and electric vehicles in the next 5 years. By 2026, we aim to have 10,000 electric vehicles as part of our overall fleet," Cofounder of Everest Fleet Siddharth Ladsariya said.

"With continued scale up of our operations, we aim to offer a rewarding driver partner proposition while helping our partners deliver a superlative experience to their customers," he added.

Headquartered in Mumbai, Everest Fleet was founded in 2016. The company boasts employment over 10,000 drivers and is present in 7 cities, including - Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Kolkata, and Pune.

"Helping drivers get easy access to vehicles is a key priority for Uber and this investment will unlock earning opportunities for tens of thousands of drivers across India. Everest has grown its fleet at an impressive pace and has set new industry benchmarks in asset utilization. With the addition of new cars, including electric vehicles, Uber will continue to deliver a great service experience to riders," said Prabhjeet Singh, President, Uber India and South Asia.