Alt Mobility, a leading commercial electric vehicle (EV) leasing and asset management company, has raised $10 million in a Series A funding round. The round was spearheaded by Eurazeo, a prominent European venture capital and private equity firm, alongside participation from Shell Ventures, Twynam Earth Fund, and EV2 Ventures.
Funding to drive next-phase growth
The fresh capital will support Alt Mobility’s ambitious plans for growth, which include enhancing its digital asset management platform, standardizing battery technology, and expanding its market offerings. “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.
He further added,“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.”
Fleet expansion goals
Currently operating a fleet of 10,000 vehicles across 20 cities in India, Alt Mobility plans to expand its fleet to 30,000 vehicles by March 2026. This expansion would result in an Asset Under Management (AUM) value of ₹800 crore, reflecting a fourfold increase over its current asset base within the next 18 months.
Innovative offerings to boost EV ownership
To encourage vehicle ownership, Alt Mobility aims to enhance its offerings for the driver-cum-owner segment with innovative “drive-to-own” solutions. These programs are designed to make EV ownership more accessible and financially viable for individual drivers.
Additionally, the company has introduced leasing products for four-wheeler light commercial vehicles (LCVs) and cars, along with a battery-as-a-service (BaaS) model for second-life vehicles. This approach underscores Alt Mobility’s commitment to sustainable and cost-effective EV solutions.
Integrated leasing and management solutions
Alt Mobility provides a comprehensive suite of leasing and asset management services, including vehicle servicing, charging infrastructure, and real-time fleet monitoring with diagnostics. These offerings are aimed at minimizing operational costs while maximizing efficiency for fleet operators and individual users.
Driving India’s EV transition
With strong backing from its investors and a clear vision for the future, Alt Mobility is well-positioned to lead India’s transition to electric mobility. The company’s integrated solutions and focus on innovation continue to set benchmarks in the commercial EV leasing sector.
