Alt Mobility Powers Up with USD 10 Mn Series A Funding to Expand EV Fleet With the raised funds, Alt Mobility aims to expand its fleet to 30,000 EVs by March 2026 and scale its AUM to INR 800 crore within 18 months. The funds will also enhance the company's digital asset management platform and standardise its battery technology.
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Delhi-based commercial electric vehicle (EV) leasing and asset management startup Alt Mobility has raised USD 10 million in a Series A funding round.
The round was led by Eurazeo, a European venture capital and private equity fund, with continued participation from Shell Ventures, Twynam Earth Fund, and EV2 Ventures. This marks a significant milestone for the company, which earlier secured USD 6 million in funding in January 2024.
The new capital will be deployed to expand Alt Mobility's fleet to 30,000 EVs by March 2026 and scale its assets under management (AUM) to INR 800 crore within 18 months. The funds will also enhance the company's digital asset management platform and standardise its battery technology, aligning with its mission to simplify and accelerate EV adoption.
"We are grateful for the strong vote of confidence from our 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, deepening ecosystem integrations, and driving down the total cost of EV ownership."
Founded in March 2022 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta, Alt Mobility claims to operate a 10,000-vehicle fleet across 20 Indian cities.
The company's innovative leasing and asset management model provides a comprehensive solution that includes servicing, charging, and real-time fleet monitoring. By leveraging data insights, Alt enables fleets to optimise operations, reduce costs, and adopt sustainable transportation profitably.
Alt Mobility is also advancing its offerings to cater to the Driver Cum Owner segment through its "drive-to-own" programs, promoting EV ownership. Recent product launches include leasing options for 4-wheeler light commercial vehicles (LCVs), cars, and a Battery-as-a-Service (BaaS) model for second-life vehicles.
Ernest Xue, Director at Eurazeo, said, "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."
Christine Vincent, Venture Principal at Shell Ventures, added, "Alt's innovative financing structures simplify EV transition for varied customer personas. With India's potential for large-scale EV adoption, Alt is poised to play a significant role in our e-mobility strategy."
