TechCrunch Summary (2023-06-14 02AM)

Source: Uber leads $20M round in India’s Everest Fleet for EV expansion

Summary
Uber led a $20m funding round into Everest Fleet, a fleet management company based in Mumbai, which will be used to accelerate the transition of 10,000 vehicles on rideshare platforms in India to electric by 2026, with the ultimate aim of boosting EV asset utilisation.

Fact

🚗 Uber invested in Everest Fleet, which manages over 10k vehicles on rideshare platforms in India.

🔌 The investment will be used to accelerate the transition to EV with 10k EVs aimed to be in the fleet by 2026.

👥 Fleet management firms fill the gap for supplying access to vehicles for Uber drivers.

🇮🇳 Uber has a goal of bringing more than 1m EVs to its platform in India and South Asia as part of its regional growth strategy.

🌱 Uber launched Uber Green in India as part of its emissions-reduction strategy.

Source: Lee Fixel’s Addition raising $1.5 billion for its fifth fund in four years

Summary
Lee Fixel’s Addition plans to raise a fifth fund of $1.5 billion, despite market slowdown. Fixel’s Addition has previously amassed large amounts of capital, including $1.3 billion from its previous funds.

Fact

💰 Addition plans to raise $1.5 billion for its fifth fund in just four years

🌊 Despite VCs slowing down their pace of dealmaking and cutting short their own funding targets

🌏 Former Tiger Global executive, Lee Fixel, has gained a reputation for going against the tide over the past decades

💼 Addition maintains an asset under management (AUM) of $6.5 billion and is sitting on dry powder worth over $3.8 billion

📈 The firm has backed about six dozen startups and has booked five exits in the past two years

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