People and wider economy
Through this transaction at least 1,000 drivers are expected to benefit which makes a direct contribution to SDG 11.2 by providing access to safe, affordable, accessible and sustainable transport systems.
| Company | Everest Fleet |
| Sector | Transportation |
| Country | India |
| Total Project Cost | USD 8.15m |
| PIDG Commitment |
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| Dates of PIDG involvement |
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The transaction supports the national strategy to accelerate the use of electric vehicles, currently accounting for less than one per cent of total vehicle sales in the country, to reduce emissions. Everest Fleet is India’s largest independent fleet management provider for the ride hailing platforms operating in the country, making it a key strategic partner.
PIDG provided a partial credit guarantee to Axis Bank to enable a c. USD 12.1 million loan for over four years to Everest Fleet for the purchase of electric cars to be deployed as green taxis in India.
The partial guarantee is provided under the USD 200 million framework guarantee agreement that PIDG and Axis bank signed in May 2022, which allows mobilisation of funds between USD 300 and 400 million to finance the e-mobility ecosystem in India.
Through this transaction at least 1,000 drivers are expected to benefit which makes a direct contribution to SDG 11.2 by providing access to safe, affordable, accessible and sustainable transport systems.
This is the second transaction closed under a PIDG-Axis Bank agreement. It is expected to transform the market by catalysing deployment of more electric vehicles by green ride-hailing companies in India.
The transaction supports the national strategy to accelerate the use of electric vehicles, currently accounting for less than one per cent of total vehicle sales in the country, to reduce emissions.
