Alt Mobility, a leading electric vehicle (EV) fleet management startup, has raised $10 million (Rs 84 crore) in a Series A fundraising round led by its current investor, Eurazeo, a well-known European VC and PE firm. Other important investors participated in the round, including Shell Ventures, Twynam Earth Fund, and EV2 Ventures.
Alt Mobility currently manages a fleet of 10,000 vehicles in 20 Indian cities, offering leasing alternatives to both fleet operators and individual drivers. The company provides an integrated lease and asset management platform that supports smooth operations by including vehicle servicing, charging infrastructure, and real-time fleet monitoring and diagnostics. Alt Mobility improves fleet performance through data analytics, allowing for profitable EV adoption across the value chain.
Alt Mobility wants to extend its fleet to 30,000 vehicles by March 2026, with an Asset Under Management (AUM) target of Rs 800 crore. Within the next 18 months, its current asset base will have grown fourfold. To further streamline processes, the company will invest in developing its digital asset management platform and pursuing standardisation in battery technology.
Alt Mobility is also preparing to increase its position in the "Driver Cum Owner" category by introducing novel "drive to own" leasing alternatives, which will encourage vehicle ownership. The company recently launched leasing alternatives for four-wheeler light commercial vehicles (LCVs) and cars, as well as a Battery-as-a-Service (BaaS) model for used EV batteries.
Dev Arora, Co-founder and CEO of Alt Mobility, commented, “We are grateful for the continued trust and support from our investors as we work to accelerate EV adoption in India. This funding will enable us to scale operations, expand into new markets, and further reduce the total cost of EV ownership for our customers.”
Ernest Xue, Director at Eurazeo and board member at Alt Mobility, said, “We are thrilled to deepen our partnership with Alt Mobility. Since our initial investment, the company has demonstrated impressive, sustainable growth and made significant strides in scaling its impact. Their approach to EV fleet management addresses the critical need for accessible, efficient, and sustainable transportation solutions in India, a key market for the global transition to cleaner mobility.”
Christine Vincent, Venture Principal at Shell Ventures and board member at Alt Mobility, added, “Shell Ventures is excited to continue supporting Alt Mobility as it expands its offerings and scales across larger product segments. The company’s innovative financing solutions are helping to simplify the transition to electric vehicles for various customer segments, from fleet operators to driver-owners. India has significant potential for EV adoption, and we believe Alt Mobility will play a crucial role in advancing our e-mobility strategy in the region.”
Alt Mobility's expansion strategy reflects the company's dedication to promoting sustainable transport solutions in India, establishing it as a significant player in the country's fast-developing electric mobility ecosystem.
