📋 Tender Overview
Project Number: 48594
Company Name: Everest Fleet Private Limited
Date SPI Disclosed: Aug 2, 2024
Country: India
Region: South Asia
Projected Board Date: Sep 15, 2024
Environmental Category: B
Status: Pending Approval
Department: Regional Industry - INF Asia & Pac
Industry: Infrastructure
Sector: Transit and Ground Passenger Transporation
Project Description
The proposed transaction is an investment of up to US$20 million in compulsorily convertible preference shares of Everest Fleet Private Limited ( Everest or Company ), a vehicle fleet manager in India. The Company’s key business is owning and managing a fleet of commercial vehicles which connects to the retail customer using third-party owned mobility applications (mainly Uber) for intra-city travel. IFC’s proposed investment will help the Company scale up its existing cars fleet management business for Uber and diversify into intercity and employee transportation services ( ETS ) business (the Project ).
Total Project Cost and amount and nature of IFC's Investment:IFC will be investing up to US$20 million in Series C compulsorily convertible preference shares of the Company. IFC’s proposed investment is part of a total targeted capital raise of US$40-50 million, in the same instrument. Besides IFC, the Company is currently engaged with other institutional investors to secure funding for the round.
Financing Sources:
2) World Bank (WB)
1818 H Street, NW Washington, DC 20433 USA
Tel : (202) 473-1000
https://www.worldbank.org/
