STARTUP-STORIES

ALT Mobility Gears Up for Growth with $10 Million Series A Round

SUMMARY

• The commercial EV leasing company raised $10 million in a Series A round led by Eurazeo, with participation from Shell Ventures, Twynam Earth Fund, and EV2 Ventures. The funds will be used to expand its EV fleet to 30,000 vehicles by March 2026, enhance its digital asset management platform, standardize battery technology, and manage ₹800 crore in assets under management (AUM) within 18 months.

• Driving Innovation and Sustainability With a fleet of 10,000 EVs across 20 Indian cities, ALT Mobility provides full-stack leasing solutions, including servicing, charging, and real-time monitoring. Future plans include introducing "drive-to-own" options, expanding four-wheeler offerings, and launching a Battery-as-a-Service (BaaS) model to support sustainable mobility and reduce carbon footprints.

ALT Mobility, a commercial electric vehicle (EV) leasing and asset management company, has raised $10 million in a Series A funding round led by European venture capital firm Eurazeo, with participation from existing investors Shell Ventures, Twynam Earth Fund, and EV2 Ventures. This investment follows a previous $6.45 million raised from its current backers, showcasing continued confidence in the company’s vision to revolutionize electric mobility in India.

The newly secured funds will drive ALT Mobility’s plans to expand its EV fleet to 30,000 vehicles by March 2026, enhance its digital asset management platform, and standardize battery technology for improved efficiency. Additionally, the company aims to manage ₹800 crore in assets under management (AUM) over the next 18 months, scaling its operations to meet growing demand.

Founded in 2021 by Dev Arora, Anuj Gupta, Harsh Dev Goyal, Jay Gupta, and Manas D Arora, ALT Mobility operates as a full-stack EV leasing platform offering mobility-as-a-service (MaaS) for commercial vehicle users. Its comprehensive solutions include leasing, servicing, charging infrastructure, real-time fleet monitoring, and data-driven insights to ensure low total cost of ownership and maximize fleet uptime. Currently, the company has a fleet of 10,000 EVs across 20 Indian cities, leased to fleet operators and drivers.

Looking ahead, ALT Mobility plans to introduce innovative drive-to-own options and leasing products for the driver-cum-owner segment, while expanding offerings to include four-wheeler light commercial vehicles and electric cars. The company also aims to roll out a Battery-as-a-Service (BaaS) model for second-life vehicles, further optimizing EV utility and lifecycle management.

ALT Mobility’s mission aligns with India’s sustainability goals, focusing on reducing carbon emissions and providing cost-effective mobility solutions. With strong support from global investors and its innovative business model, ALT Mobility is well-positioned to play a significant role in the nation’s transition to electric mobility.