New Delhi: With the government efforts to incentivize the adoption of cleaner transportation options, many established companies are now taking to electric vehicles (EVs) for a sustainable and environment-friendly future. And there has been a positive switch towards EVs in recent years, Dev Arora, the co-founder and CEO of ALT Mobility, told ETAuto.
Arora emphasized ALT Mobility’s unique role as an EV leasing and lifecycle management platform, enabling mobility as a service (MaaS). “It not only provides lease but also ensures timely servicing and proper upkeep of the vehicle,” he said. This integrated approach makes ALT Mobility a comprehensive solution provider for its clients.
About the origins of ALT Mobility, Arora explained that the company’s primary focus was on supporting the transition of commercial fleets to electric vehicles to increase efficiency, sustainability, access to finance to scale up the transition.
ALT Mobility started its journey by targeting the EV 2-3 wheeler segment in India. According to Arora, “That is why they wanted to start with this. EV is more connected, increases operational efficiency and reduces operating costs. That’s how ALT Mobility started.”
Detailing the early stages of ALT Mobility’s EV operations, Arora shared that the company commenced operations from March 2021. He revealed, “One year was spent on conducting pilots with Amazon, Flipkart, Big Basket, and other big logistics and e-commerce companies. The objective of these pilots was to validate the feasibility of EVs as a replacement for traditional commercial engine vehicles.
“During this one year, these elements were proven that EVs can now be a part of the market as a replacement of CVs.” This successful testing allowed ALT Mobility to transition into a business-to-business (B2B) company, offering assistance to e-commerce firms in making the switch to EVs.
Addressing the charging infrastructure for ALT Mobility’s EVs, Arora highlighted that the company relies on AC charging stations, stating, “These vehicles are typically plugged into a 15 amp socket, which is your power plug.” He also mentioned that their fleets are maintained by OEM partners, and ALT Mobility manages all insurance claims and servicing, providing a one-stop platform for their clients.
Talking about the strategic partnership with banks, Arora explained, “EV resale market is not properly available thus people have no resale value for their vehicles.” To address this challenge, ALT Mobility partnered with around nine banks and NBFCs, offering easy leasing operations. Arora stated, “For the buyers, we offered them a CAPX solution and the monthly E-Rental would be 20% lower than on any CV EMI would be.” This financial solution, along with a flexible ownership model, provides buyers with the option to purchase or return the vehicle at the end of the contract.
Regarding the comprehensive vehicle management approach, Arora highlighted that ALT Mobility ensures timely servicing and proper upkeep of the vehicles. He said, “If a customer defaults, we’re also doing collections, revenue management.” The company also handles repossession and redeployment of the vehicles, utilizing both in-house capabilities and partnerships with third-party companies for certain tasks.
About partnerships with OEMs, Arora revealed that ALT Mobility collaborates with about nine partners in the two-wheeler and three-wheeler space. He mentioned, “We’re essentially working with partners like Hero Electric, One Electric, and Okaya.” The company plans to enter the four-wheeler market in the current financial year.
