The investment will enable Alt Mobility to grow its electric vehicle fleet to 30,000 units and oversee assets under management worth Rs 800 crores by March 2026.
Alt Mobility, a prominent commercial electric vehicle leasing and asset management firm, has successfully secured Rs 83 crore during its Series A funding round, led by Eurazeo, a renowned European venture capital and private equity fund. The round also saw participation from existing investors such as Shell Ventures, Twynam Earth Fund, and EV2 Ventures.
The company, which presently operates a fleet of 10,000 electric vehicles across 20 cities in India, offers comprehensive services tailored for fleet operators and individual drivers. These services encompass vehicle servicing, charging, and real-time fleet monitoring and diagnostics, leveraging data insights to boost EV adoption and operational efficiency.
Looking ahead, Alt Mobility is setting ambitious targets, aiming to expand its fleet to 30,000 vehicles by March 2026 and manage Assets Under Management (AUM) worth Rs 800 crores. This would mark a fourfold increase in its asset base within the next 18 months. Plans are also in place to further develop its digital asset management platform and promote standardization in battery technology.
Additionally, Alt Mobility is broadening its scope with new offerings for the Driver Cum Owner segment, including “drive to own” options, and has introduced leasing products for light commercial vehicles (LCVs) and cars, as well as a Battery as a Service (BaaS) model for second-life vehicles.
Dev Arora, co-founder and CEO of Alt Mobility, acknowledged the crucial support from investors, emphasizing the company’s strategy to explore new markets and products while working collaboratively to minimize the total cost of ownership of electric vehicles.
From Eurazeo, board member Ernest Xue, Operating Partner Julien Mialaret, and Partner Matthieu Bonamy expressed their admiration for Alt Mobility’s effective approach to operational leasing and asset management, which aligns with the urgent need for accessible and sustainable transportation solutions in India. They reaffirmed their dedication to supporting entrepreneurs who are spearheading efforts towards global decarbonization.
Christine Vincent, Venture Principal at Shell Ventures and a board member at Alt Mobility, also conveyed satisfaction with the ongoing investment in the company, praising its growth and innovative financing structures that serve a broad range of customer needs. Vincent emphasized the significant role Alt Mobility plays in advancing EV adoption in India, which is in sync with Shell Ventures’ regional e-mobility strategy.
