How well Everest Fleet performed financially in FY23? Let's uncover this

Everest Fleet, a fleet management startup, has reported a significant increase in its revenue from Rs 36 crore in FY21 to Rs 466 crore in the fiscal year 2023 (FY23).

The startup's profit has also seen a notable uptick, reaching Rs 41 crore in FY23. This is a substantial jump from Rs 11.68 crore in the previous fiscal year, indicating a 3.5 times increase in profitability.

What contributed to Everest Fleet’s revenue surge?

Everest Fleet's revenue soared to Rs 466.5 crore in FY23 from Rs 113.3 crore in FY22, boosted by its ridesharing partnerships with Uber and Ola, as well as income from Uber Hero trips, marketing, and incentives.

In FY23, the company's spending rose to Rs 414.4 crore, up by 4.2x from FY22, with employee benefits, including stock options and purchase plans, increasing to Rs 33.42 crore from Rs 9.41 crore.