Alt Mobility, a leading Indian commercial electric vehicle (EV) leasing and asset management firm, has secured $10 million in its Series A funding round. The investment was spearheaded by Eurazeo, a prominent European venture capital and private equity firm, with continued support from Shell Ventures, Twynam Earth Fund, and EV2 Ventures. The capital injection is poised to fuel the company’s ambitious expansion plans to grow its fleet, enhance its digital asset management platform, and lead the charge in standardizing battery technology for EVs in India.

Alt Mobility Raises $10 Million in Series A Funding: Game-Changer for EV Leasing in India

Alt Mobility, founded in March 2022, has quickly made a mark in India’s rapidly growing electric vehicle sector. Focusing on commercial EV leasing and asset management, the company offers integrated solutions for fleet operators and individual drivers, including vehicle servicing, real-time fleet monitoring, and charging infrastructure.

In just a short span, Alt Mobility has built a fleet of 10,000 electric vehicles spread across 20 cities in India, catering to businesses, fleet operators, and individual drivers. The company’s forward-thinking approach is accelerating the adoption of EVs and playing a significant role in India’s move towards cleaner, more sustainable transportation

Expansion Plans and Use of $10 Million Funding

The fresh capital will enable Alt Mobility to scale up its operations significantly. Here’s a breakdown of how the funds will be utilized:

• Fleet Expansion: Alt Mobility plans to increase its fleet size to 30,000 vehicles by March 2026, a threefold growth in the next 18 months.
• Digital Asset Management Platform: A key focus of the funding will be enhancing the company’s digital platform, which offers real-time monitoring, diagnostics, and operational insights to optimize fleet management.
• Battery Standardization: Another critical area of investment will be in standardizing battery technology. This will help drive down costs and ensure better performance across Alt Mobility’s fleet.
• New Leasing Products: Alt Mobility has already introduced leasing products for 4-wheeler light commercial vehicles (LCVs) and cars. They also have a Battery-as-a-Service (BaaS) model for second-life vehicles, expanding their offerings to meet a wider range of customer needs.\

Key Highlights of the Alt Mobility’s Series A Funding

• Amount Raised: USD 10 million
• Funding Round: Series A
• Investors: Led by Eurazeo with participation from Shell Ventures, Twynam Earth Fund, and EV2 Ventures
• Purpose: Expand fleet size, enhance digital asset management platform, and standardize battery technology

Expansion into New Markets and Products

One of the company’s key growth strategies is to expand into Tier II and III cities in India. As a part of this plan, Alt Mobility is also focusing on the Driver-Cum-Owner segment with its “Drive to Own” options. This initiative allows individual drivers to lease vehicles with the option to own them over time, making EV ownership more accessible and affordable.

“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.”

Investor Insights and Confidence in Alt Mobility

Alt Mobility’s growth story has caught the attention of key investors, with Ernest Xue, Director at Eurazeo, emphasizing the company’s significant impact. “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 addresses the pressing need for accessible, efficient, and sustainable transportation in India, one of the world’s most dynamic markets.”

Christine Vincent, Venture Principal at Shell Ventures, also shared her enthusiasm about the future of Alt Mobility, saying, “Shell Ventures is excited to participate in Alt Mobility’s Series A raise, following our initial investment in 2023. Over the past 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.”

A Look at Alt Mobility’s Services

Alt Mobility’s core offerings extend beyond just leasing vehicles. Their integrated services help businesses and individual drivers transition to EVs with ease:

• Real-Time Fleet Monitoring & Diagnostics: The platform provides in-depth data to optimize operations and reduce costs.
• Charging Solutions: Alt Mobility ensures that its customers have access to reliable and efficient EV charging infrastructure.
• Servicing & Maintenance: They also offer ongoing servicing to ensure the longevity and efficiency of each vehicle in their fleet.

Alt Mobility’s Role in India’s EV Future

India has seen an impressive rise in electric vehicle adoption, particularly in the 3-wheeler segment, which now accounts for over 25% of all EV sales in the country. Alt Mobility is capitalizing on this trend and playing an instrumental role in bringing about a cleaner, greener, and more sustainable transportation ecosystem.

“We are seeing significant growth in the penetration of EVs, with the three-wheeler segment accounting for over 25% of all EV sales,” said Dev Arora.

Conclusion: The Future Looks Bright for Alt Mobility

With the support of investors like Eurazeo and Shell Ventures and the backing of its strong leadership team, Alt Mobility is on track to revolutionize India’s electric vehicle market. The company’s growth strategy and its focus on sustainability, coupled with its innovative leasing and asset management solutions, make it a key player in India’s shift toward electric mobility.

As Dev Arora aptly put it, “We are charged up for the next phase of growth.”

Read also: Vecmocon Raises $10 Million in Series A Funding to Revolutionize EV Tech and Expand Globally

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