The European venture capital firm Eurazeo is leading a $10 million Series A funding round for ALT Mobility, a commercial electric vehicle (EV) leasing and asset management company. Its current investors Shell Ventures, Twynam Earth Fund, and EV2 Ventures also participated in the round.
Prior to this, the Delhi-based business had raised $6.45 million from its current investors.
According to a press release from ALT Mobility, the money raised will be used to manage Rs 800 crore in assets under management (AUM) over the following 18 months, standardize battery technology, grow its fleet to 30,000 vehicles by March 2026, and expand its digital asset management platform.
ALT Mobility is a full-stack EV leasing platform that provides mobility as a service (MaaS) for commercial vehicle users. It was co-founded in 2021 by Dev Arora, Anuj Gupta, Harsh Dev Goyal, Jay Gupta, and Manas D. Arora. It lowers carbon footprints and boosts profitability by streamlining financing and offering dependable technology to facilitate the shift to electric mobility for intra-city logistics.
According to ALT Mobility, it leases 10,000 cars to fleet operators and drivers in 20 Indian cities. In order to guarantee low total cost of ownership and maximum fleet uptime, the company provides a comprehensive solution that includes leasing, servicing, charging, real-time fleet monitoring, and data-driven insights.
By launching cutting-edge “drive-to-own” options and leasing programs for cars, light commercial vehicles, and four-wheelers, ALT Mobility intends to broaden its product line to include the driver-cum-owner market. Additionally, it seeks to introduce a Battery-as-a-Service (BaaS) model for used automobiles.
