Alt Mobility, a leading commercial electric vehicle (EV) leasing and asset management company, has secured ₹83 crore in a Series A funding round led by Eurazeo, a prominent European venture capital and private equity firm. Existing investors, including Shell Ventures, Twynam Earth Fund, and EV2 Ventures, also participated in this funding round.
Expanding Fleet and Enhancing Services
Currently operating a fleet of 10,000 electric vehicles across 20 cities in India, Alt Mobility provides comprehensive services to fleet operators and individual drivers. Their integrated leasing and asset management solutions include:
- Vehicle servicing
- Charging infrastructure
- Real-time fleet monitoring and diagnostics
By leveraging data-driven insights, Alt Mobility aims to enhance EV adoption and optimize operational efficiency across its service areas.
Future Growth Plans
The company has ambitious plans to:
- Expand its fleet to 30,000 vehicles by March 2026
- Achieve an Asset Under Management (AUM) of ₹800 crore, marking a fourfold growth within the next 18 months
Additionally, Alt Mobility is focusing on:
- Enhancing its digital asset management platform
- Supporting battery technology standardization for better sustainability
Innovative Offerings for Drivers and Fleets
To promote vehicle ownership, Alt Mobility has introduced “drive-to-own” programs tailored for the Driver Cum Owner segment. The company also offers:
- Leasing solutions for light commercial vehicles (LCVs) and cars
- A Battery-as-a-Service (BaaS) model for second-life vehicles
Industry Leaders and Investor Support
Dev Arora, Co-founder and CEO of Alt Mobility, emphasized the importance of investor support, stating:
“We are focused on unlocking new markets and products while collaborating with partners to reduce the total cost of ownership for electric vehicles.”
Eurazeo representatives, including Ernest Xue, Julien Mialaret, and Matthieu Bonamy, highlighted the company’s critical role in providing accessible, sustainable transportation in India. They reinforced Eurazeo’s commitment to supporting entrepreneurs driving decarbonization solutions.
Christine Vincent, Venture Principal at Shell Ventures, praised Alt Mobility’s growth trajectory:
“Alt Mobility’s innovative financing structures cater to diverse customer needs, including fleet operators and individual drivers. This aligns with Shell Ventures’ e-mobility strategy in the region.”
Driving Sustainable EV Growth in India
With this funding, Alt Mobility is poised to play a pivotal role in India’s EV transformation, offering innovative solutions that reduce the total cost of ownership and improve sustainability. As the company expands its fleet and service offerings, it continues to drive the adoption of electric mobility in the country, setting a strong foundation for a decarbonized future.
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