Alt Mobility, an Indian electric vehicle leasing and asset management company, has raised USD 10 million in Series A funding. The round was led by Eurazeo, with participation from existing investors including Shell Ventures, Twynam Earth Fund, and EV2 Ventures. The funding will fuel the company’s expansion plans, including growing its fleet and developing its technology platform.
Alt Mobility plans
Alt Mobility aims to increase its fleet to 30,000 vehicles and manage INR 800 crore in assets by March 2026. This represents a fourfold increase in its current asset base within the next 18 months. The company will also invest in enhancing its digital asset management platform and standardising battery technology.
The company currently operates a fleet of 10,000 electric vehicles across 20 cities in India. These vehicles are leased to both fleet operators and individual drivers. Alt Mobility offers a comprehensive solution encompassing servicing, charging, and real-time fleet monitoring and diagnostics. The company uses data analysis to gain insights and promote profitable EV adoption.
Alt’s drive to own option
Alt Mobility plans to expand its offerings to individual drivers with “drive to own” options, furthering vehicle ownership. It has recently introduced leasing products for light commercial vehicles (LCVs) and cars, as well as a battery-as-a-service (BaaS) model for second-life vehicles.
The “drive to own” initiative is designed to make EV ownership more accessible to individual drivers. This program, along with the introduction of leasing options for LCVs and cars and the BaaS model, expands Alt Mobility’s reach and caters to a wider customer base. The company’s offerings simplify the transition to electric vehicles for both fleet operators and individual drivers.
“We are grateful for the strong vote of confidence from our existing investors in our mission to accelerate the adoption of electric vehicles,” said Dev Arora, Co-founder and CEO of Alt Mobility. “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,” stated ev 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 shared: “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 shared “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.”
Series A funding round
Eurazeo led the USD 10 million Series A funding round. Shell Ventures, Twynam Earth Fund, and EV2 Ventures also participated in the round, continuing their support of Alt Mobility. This investment signifies confidence in Alt Mobility’s business model and its potential for growth in the Indian electric vehicle market.
Dev Arora, Co-founder and CEO of Alt Mobility, expressed gratitude for the investors’ support and enthusiasm for the company’s next growth phase. This phase will include expanding into new markets, developing new products, and strengthening partnerships to reduce the overall cost of EV ownership.
Alt Mobility’s integrated leasing and asset management solution provides a comprehensive service. This includes vehicle servicing, charging infrastructure, and real-time fleet monitoring and diagnostics. The company’s data-driven approach helps optimise EV adoption across the value chain. The company’s expansion plans demonstrate a commitment to sustainable transportation solutions in India.
