SUMMARY
- Alt Mobility has secured $10 million in a Series A funding round led by Eurazeo.
- With this funding, Alt Mobility plans to grow its fleet.
- Existing investors like Shell Ventures, Twynam Earth Fund, and Ev2 Ventures also participated in the round.
EV leasing startup Alt Mobility has secured $10 million or Rs 84.3 crore in a Series A funding round led by Eurazeo, with support from existing investors like Shell Ventures, Twynam Earth Fund, and Ev2 Ventures.
With this funding, Alt Mobility plans to grow its fleet, improve its digital asset management platform, and standardize battery technology.
Etablished in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta, the New Delhi-based company operates as a full stack EV leasing platform, providing mobility as a service (MaaS) solutions to both businesses and individuals.
Currently, Alt Mobility has a fleet of 10,000 vehicles across 20 cities and offers real-time fleet monitoring and diagnostics services to its clients.
The startup aims to increase its fleet to 30,000 vehicles and manage an asset under management (AUM) of Rs 800 crore over the next two years. Additionally, it plans to expand its services to driver cum owner vertical.
Alt Mobility recently introduced leasing options for 4-wheeler light commercial vehicles (LCVs), cars, and battery as a service (BaaS) for second-life vehicles.
“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 electric vehicles,” said Alt Mobility cofounder and CEO Dev Arora.
Earlier in 2024, Alt Mobility raised $6 million in a Pre-Series A funding round led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam.
Notably, many Indian EV startups Ather Energy, Altigreen, BluSmart, and Exponent Energy have introduced innovative solutions for sustainable mobility.
Startups targeting growth in research and operations have also attracted investor interest this year. In February, Vidyut, a commercial EV financing startup, secured $10 million to expand its services, which include EV insurance, vehicle lifecycle management, and EV resale.
In August, electric mobility startup Kazam raised $8 million to support its expansion plans.
The EV market in India is diverse, including both small and large EV startups, and is expected to grow to $110.74 billion by 2029.
