In a significant boost to the electric vehicle (EV) ecosystem, Delhi-based Alt Mobility has raised $10 million in a Series A funding round. The round was led by existing investor Eurazeo, a European venture capital and private equity fund, with participation from other existing investors Shell Ventures, Twynam Earth Fund, and EV2 Ventures. This funding is set to propel Alt Mobility’s mission to revolutionize commercial EV leasing and asset management in India.
Offering a full stack solution for commercial use cases
Founded in 2022, Alt Mobility is headquartered in Delhi, India. The startup offers a full-stack EV leasing platform that provides mobility-as-a-service (MaaS) tailored for commercial vehicle users. Its services encompass leasing, servicing, charging, real-time fleet monitoring, and data-driven insights. With a current fleet of 10,000 vehicles operating across 20 cities, Alt Mobility is poised to expand its reach and impact in the burgeoning EV sector.
Dev Arora, Co-founder and CEO of Alt Mobility, expressed enthusiasm about the fundraise, stating, “We are grateful for the strong vote of confidence from our existing investors in our mission to accelerate the adoption of electric vehicles. We are charged up for the next phase of growth—unlocking new markets, products, and deeper ecosystem integrations with our partners to drive down the total cost of ownership of EVs.”
The fundraise comes at a time when the global push towards sustainable and environmentally friendly transportation is gaining momentum. In India, the demand for electric vehicles is on the rise, driven by government initiatives, cost effectiveness and increasing environmental awareness. Alt Mobility’s focus on operational leasing and asset management aligns with these trends, positioning it as a key player in the EV sector.
Ernest Xue, Director at Eurazeo, commented on the investment, “Alt Mobility’s approach to operational leasing and asset management addresses the critical need for accessible and sustainable transportation in India. We’re excited to strengthen our support as they scale impact and lead EV adoption.”
Path Ahead
The newly raised capital will be directed towards expanding Alt Mobility’s fleet to 30,000 vehicles by March 2026. Additionally, the startup plans to enhance its digital asset management platform, focusing on standardizing battery technology. Alt Mobility also aims to introduce innovative “drive to own” options and expand its leasing products for four-wheeler light commercial vehicles and cars.