Alt Mobility, a commercial electric vehicle leasing and asset management company has raised $10 million in its Series A funding round led by existing investor Eurazeo, a European VC and PE fund. The round also saw participation from other existing investors including Shell Ventures, Twynam Earth Fund and EV2 Ventures.
The funds raised will be used to expand its fleet to 30,000 vehicles by March 2026 which currently owns a fleet of 10,000 vehicles across 20 cities. The company also plans to manage an Asset Under Management (AUM) of ₹800 crores, representing a 4x growth of its current asset base over the next 18 months.
In addition, the company will invest in expanding the capabilities of its digital asset management platform and driving standardization of battery technology.
Alt Mobility plans to also rapidly grow its offerings to the Driver Cum Owner segment with innovative “drive to own” options to promote vehicle ownership. The company recently launched leasing products for 4-wheeler light commercial vehicles (LCVs) and cars and battery as a service model (BaaS) for second-life vehicles.
“We are grateful for the strong vote of confidence from our existing investors in our mission to accelerate the adoption of electric vehicles. We are charged up for the next phase of growth – unlocking new markets and products, deeper ecosystem integrations with our partners to drive down the total cost of ownership of EVs,” said Dev Arora, Co-founder and CEO of Alt Mobility.
Ernest Xue, Director at Eurazeo and board member at Alt Mobility, Julien Mialaret, Operating Partner and Matthieu Bonamy, Partner at Eurazeo said, “We are excited to strengthen our support to the Alt Mobility team and lead this Series A round. Since our previous investment in Alt Mobility, the company has continued to show strong sustainable growth and scale its impact. Alt Mobility’s approach to the operational leasing and asset management of electric vehicles clearly addresses the pressing need for accessible, efficient, and sustainable transportation in India, one of the world’s most dynamic markets. We are excited to strengthen our support to the team as they continue to pioneer solutions that not only reduce harmful emissions but also create viable new economic opportunities in India. As an investor supporting the development of EV globally, we are committed to partnering with exceptional entrepreneurs who can accelerate the deployment of assets needed for global decarbonisation.”
Christine Vincent, Venture Principal at Shell Ventures and board member at Alt Mobility said, “Shell Ventures is excited to participate in Alt Mobility’s Series A raise, following our initial investment in 2023. Over the past one year, we have seen Alt Mobility scale up quickly and profitably across larger product segments and introduce innovative financing structures tailored for each customer persona. From fleet operators to driver cum owners, Alt’s offerings help simplify their transition to electric vehicles. India has potential for large-scale EV adoption, and together with our other portfolio companies, we believe Alt will play a significant role in driving our e-mobility strategy in this market.”
Founded in 2020 by Dev Arora, Anuj Gupta, Harsh Dev Goyal, Jay Gupta, and Manas D Arora, Alt Mobility is a full-stack EV leasing platform offering mobility as a service (MaaS) for commercial vehicle users.
Alt Mobility provides leasing solutions that help businesses and fleet operators transition seamlessly to electric vehicles. The company offers flexible leasing options and cutting-edge technology solutions that enable fleets to optimize operations, reduce costs, and drive sustainable growth.
Alt Mobility offers a seamless experience that includes servicing, charging, and real-time fleet monitoring and diagnostics. The company leverages data to provide valuable insights, driving profitable EV adoption across the value chain.
