Alt Mobility raises USD 10M in Series A funding • EVreporter

Alt Mobility, a commercial electric vehicle leasing and asset management company, 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 participation from existing investors including Shell Ventures, Twynam Earth Fund, and EV2 Ventures.

Alt Mobility currently operates a fleet of 10,000 vehicles across 20 cities in India, leased to fleet operators and individual drivers. The company offers integrated leasing and asset management solutions, including servicing, charging, and real-time fleet monitoring. Its data-driven approach aims to support the adoption of electric vehicles by providing insights to optimize operations and costs.

The company plans to expand its fleet to 30,000 vehicles by March 2026 and increase its Asset Under Management (AUM) to INR 800 Crores. This represents a fourfold increase in its current asset base within the next 18 months. Alt Mobility also aims to enhance its digital asset management platform and support the standardization of battery technology.

The company is expanding its focus on the Driver-Cum-Owner segment with “drive to own” options to facilitate vehicle ownership. Recently, Alt Mobility introduced leasing products for 4-wheeler light commercial vehicles (LCVs), cars, and 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 and products, deeper ecosystem integrations with our partners to drive down the total cost of ownership of EVs.”

Ernest Xue, Director at Eurazeo and board member at Alt Mobility, Julien Mialaret, Operating Partner and Matthieu Bonamy, Partner at Eurazeo shared: “We are excited to strengthen our support to the Alt Mobility team and lead this Series A round. Since our previous investment in Alt Mobility, the company has continued to show strong sustainable growth and scale its impact. Alt Mobility’s approach to the operational leasing and asset management of electric vehicles clearly addresses the pressing need for accessible, efficient, and sustainable transportation in India, one of the world’s most dynamic markets. We are excited to strengthen our support to the team as they continue to pioneer solutions that not only reduce harmful emissions but also create viable new economic opportunities in India. As an investor supporting the development of EV globally, we are committed to partnering with exceptional entrepreneurs who can accelerate the deployment of assets needed for global decarbonisation.”

Christine Vincent, Venture Principal at Shell Ventures and board member at Alt Mobility shared “Shell Ventures is excited to participate in Alt Mobility’s Series A raise, following our initial investment in 2023. Over the past one year, we have seen Alt Mobility scale-up quickly and profitably across larger product segments and introduce innovative financing structures tailored for each customer persona. From fleet operators to driver cum owners, Alt’s offerings help simplify their transition to electric vehicles. India has potential for large-scale EV adoption, and together with our other portfolio companies, we believe Alt will play a significant role in driving our e-mobility strategy in this market.”

Also read: Alt Mobility expands EV leasing to 4W passenger transport