Moto Business Service India Partners With Alt Mobility To Accelerate EV Adoption

A file photo of Dev-Arora-CEO-Alt-Mobility

Yamaha Motors’ Bengaluru-based leasing company – Moto Business Service India (MBSI), announced its one-of-a-kind partnership with Alt Mobility. IIT Delhi-based Alt Mobility is a technology-enabled EV leasing and lifecycle management platform enabling the electrification of commercial fleets with simplified leasing solutions.

With a common vision to build clean sustainable cities and accelerate EV adoption, MBSI and Alt Mobility will work towards reducing Indian vehicles carbon footprint while improving the overall business profitability for e-commerce and logistic companies. The launch of the partnership is for 500 2W Electric vehicles, financed by MBSI and leased and managed entirely by Alt Mobility, through its state-of-the-art Fleet OS platform. The integrated Fleet OS platform enables (a) hassle-free, capex light leasing offering to B2B commercial logistics fleet operators, and (b) helps financing partners get transparent and secure access to vehicle portfolio including vehicle health, security, dynamic residual value, utilization, collections and other features to reduce financing risk.   

“This partnership aims to unlock access to finance for the underserved electric mobility segment by eliminating capital barriers to EV transition. Our platform’s strength in asset management, predictive fleet maintenance and utilization, deep insights into driving patterns, and early warning systems using advanced data analytics derived from operational fleets, combined with Yamaha Motors’ experience and strong standing aims to set a new benchmark for commercial vehicle financing,” Dev Arora, Cofounder & CEO of Alt Mobility said. 

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MBSI provides vehicle leasing and other support services for tech startup companies that focus on the shared mobility space in India. MBSI’s mission is to increase the usage of vehicles on shared/rental platforms, create employment opportunities and contribute towards improving people’s quality of life in India. Over the past year, MBSI has managed over 3500 assets and plans to invest INR 100 Crore in vehicles in 2023. The company targets to manage 1 million vehicles by 2028.

As part of the partnership, Alt Mobility and MBSI strive to enable more businesses, fleet operators and drivers to lease electric vehicles from Alt Mobility at an affordable rate, which saves up to 30% of the operational costs, compared to ICE vehicles and up to 20% compared to conventional financing options. In addition, the partnership will also facilitate routine service, spare parts, breakdown support and comprehensive insurance policies for all vehicles.

Mr Shoji Shiraishi, Managing Director, MBSI said, “MBSI is thrilled to officially kick start our operations in the asset finance segment in New Delhi by partnering with Alt Mobility. India is seeing rapid growth in sales of Electric Vehicles (EVs) as manufacturers and users rush to switch from gasoline-powered vehicles due to the rising cost of fuel. With a key potential market of 1.4Billion Indians, there is potential to unlock a huge market. We will continue to onboard electric vehicles across multiple cities and generate employment avenues for the youth of India. We plan to work with more mobility companies in the future and to transform the overall shared mobility space in India by bringing our financial and strategic experience from our stakeholders.”

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MBSI will finance EVs– Two and Three wheelers that will be jointly leased out to Alt’s customers. These vehicles will be provided to B2B logistics fleet operators and aggregators at an affordable monthly lease value, which in turn will ensure regular income and the agenda of creating employment.

“We are on a mission to catalyze access to low-cost debt for financing the EV segment in India by using data-driven decision-making to improve lending efficiency. Our work together with MBSI will strive to create transparency and generate insights to improve the bankability of EV finance, generating confidence in the sector,” Dev added.  

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