Alt Mobility, a prominent commercial electric vehicle (EV) leasing and asset management company, has successfully raised $10 million in a Series A funding round. The round was led by existing investor Eurazeo, a European venture capital and private equity firm, with participation from other key investors including Shell Ventures, Twynam Earth Fund, and EV2 Ventures.
The company currently operates a fleet of 10,000 vehicles across 20 cities in India, leasing to both fleet operators and individual drivers. Alt Mobility’s integrated leasing and asset management solutions offer a seamless experience, including vehicle servicing, charging, and real-time fleet monitoring. By leveraging data, the company provides insights that support the widespread adoption of electric vehicles (EVs) across its value chain.
Alt Mobility plans to expand its fleet to 30,000 vehicles by March 2026 and aims to grow its assets under management (AUM) to INR 800 Crores, representing a fourfold increase over the next 18 months. As part of its expansion, the company will enhance its digital asset management platform and work on the standardization of battery technology.
Additionally, Alt Mobility is focusing on growing its offerings for the Driver Cum Owner segment with innovative “drive to own” options. The company has also introduced leasing products for light commercial vehicles (LCVs) and cars, alongside a battery-as-a-service (BaaS) model for second-life vehicles.
“We are grateful for the strong vote of confidence from our existing 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, launching new products, and integrating deeper with our partners to lower the total cost of EV ownership.”
Ernest Xue, Director at Eurazeo and board member at Alt Mobility, Julien Mialaret, Operating Partner and Matthieu Bonamy, Partner at Eurazeo shared: “Alt Mobility has demonstrated consistent, sustainable growth and has scaled its impact since our initial investment. Their approach to EV leasing and asset management addresses the urgent need for efficient and sustainable transportation in India, a key market for global decarbonization efforts”
Christine Vincent, Venture Principal at Shell Ventures and board member at Alt Mobility, echoed similar sentiments. “We are excited to support Alt Mobility’s Series A round. Over the past year, the company has rapidly scaled across larger product segments and introduced innovative financing structures for customers. We believe Alt will play a significant role in driving India’s e-mobility transition.”
Alt Mobility’s commitment to EV adoption and sustainable transportation in India continues to gain momentum as the company moves towards its goal of revolutionizing the country’s electric mobility landscape.
