M2P Fintech, Everest Fleet in funding news

Application programming interface (API) infrastructure platform M2P Fintech has raised nearly $50 million from new investor Taj Investment Holdings. Separately, Everest Fleet has raised about $30 million from global ride-hailing giant Uber, Entrackr reported.

M2P Fintech raises $50m from Taj Investment

Application programming interface (API) infrastructure platform M2P Fintech has raised nearly $50 million from new investor Taj Investment Holdings, Entrackr reported.

M2P plans to use the funds for expansion and working capital needs, the report said. The company was reportedly looking to raise $80 million in the current round, with $30 million expected from secondary sales.

In April, M2P Fintech had raised about $4.2 million in debt funding from Anicut Capital. Before that, it had raised $56 million in its Series C1 funding round led by New York-based private equity and venture capital firm Insight Partners in January 2022.

M2P Fintech provides API infrastructure that enables businesses to offer their own branded financial services through partnerships with fintech companies while ensuring regulatory compliance. The company operates in several countries, including Nepal, the UAE, Australia, New Zealand, the Philippines, Bahrain, and Egypt, among others.

Uber invests $30m in Everest Fleet

Mobility startup Everest Fleet has raised about $30 million in its Series C round from global ride-hailing giant Uber, Entrackr reported. This marks Uber’s second investment in the company, which manages a cab fleet for the platform.

The Mumbai-based firm will use the fresh proceeds to meet general operating, working capital requirements, capital expenditure and to expand the business operations.

According to an August report, Everest Fleet was also seeking to raise $20 million in Series C funding from World Bank Group member International Finance Corporation. In June 2023, Everest Fleet raised $20 million in a funding round led by Uber, marking the latter’s first inorganic investment in India as it looks to expand into the electric vehicle space.

By 2026, Everest Fleet aims to have 10,000 EVs in its overall fleet. It currently manages a fleet of 13,000 cars spread across seven cities: Mumbai, Delhi, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata.

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