Alt Mobility, a tech-enabled platform for electric vehicle (EV) leasing and lifecycle management, has successfully raised $6 million (approximately Rs 50 crore) in funding. This funding round was co-led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam. Other participants include UC Inclusive, Piper Serica, Pitchright, and LetsVenture, contributing a mix of equity and venture debt.
The funds acquired will be utilized to expand Alt Mobility’s engineering team, particularly for scaling its EV asset management platform known as FleetOS. The company also plans to introduce new verticals for fleets, such as a Drive-to-Own model, Parametric Insurance, Fleet Depots (parking and charging facilities), and a Battery Refurbishment Unit.
Additionally, Alt Mobility aims to accelerate its growth and extend its presence to over 20 cities with the objective of achieving an Assets Under Management (AUM) of $100 million (Rs 833 crore) in the next two years. Alt Mobility, founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta, focuses on facilitating the rapid adoption of EV fleets through comprehensive asset management, offering an integrated and hassle-free experience to unlock the lowest total cost of ownership and maximize fleet uptime.
Dev Arora, the CEO of Alt Mobility, expressed confidence in the growth of the EV ecosystem in India and emphasized that investors from four continents recognize the substantial growth opportunity in the Indian EV sector.
Christine Vincent, Venture Principal at Shell Ventures, highlighted the alignment of Alt Mobility’s vision with Shell Ventures’ commitment to advancing sustainable and efficient transportation solutions in India. She noted that Alt Mobility’s model addresses a critical gap by providing affordable financing options, thus aiding business owners in accelerating their electrification journey.
Ernest Xue, Director at Eurazeo Venture Smart City, emphasized the significance of the electrification of mobility in India for decarbonization and pollution reduction. He sees Alt Mobility’s innovative approach as transformative, contributing to sustainable products at the intersection of mobility, energy, and data.
Karan Mittal, General Partner at EV2 Ventures, expressed alignment with Alt Mobility’s contribution to advancing the clean mobility ecosystem through innovative financing solutions and robust asset lifecycle management.
Jonathan Green, Investment Director at Twynam Earth Fund, commended Alt Mobility for delivering lower-cost operating leases, removing friction from the transition to electric vehicles, and expressed excitement to support their journey toward decarbonizing India’s massive fleet of vehicles.
