EV Leasing Startup Alt Mobility Bags $10 Mn To Expand Its Portfolio

EV leasing and lifecycle management startup Alt Mobility has raised $10 Mn (around INR 84.3 Cr) in a Series A funding round led by existing investor Eurazeo.

The round also saw participation from other existing investors, including Shell Ventures, Twynam Earth Fund and Ev2 Ventures. 

The New Delhi-based company plans to deploy the fresh proceeds to expand its fleet, boosting capabilities of its digital asset management platform and driving standardisation of battery technology.

Founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal and Jayant Gupta, 

Alt Mobility is a full stack EV leasing platform which offers mobility as a service (MaaS) to businesses and individuals. 

It currently claims to own a fleet of 10,000 vehicles operating in across 20 cities. Besides, the startup also offers real-time fleet monitoring and diagnostics services to its customers. 

The company aims to expand its existing fleet of vehicles to 30,000 over the next two years and manage an asset under management (AUM) of INR 800 Cr. It also plans to bolster its offerings in the driver cum owner vertical.

Recently, the startup rolled out leasing products for 4-wheeler light commercial vehicles (LCVs) and cars and battery as a service model (BaaS) for second life vehicles, it said in a statement.

“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 Dev Arora, cofounder and CEO at Alt Mobility.

Earlier this year, the company raised $6 Mn in a Pre-Series A funding round co-led by Shell Ventures, Eurazeo, EV2 Ventures and Twynam.

This also comes at a time when many Indian EV startups such as Ather Energy, Altigreen, BluSmart, and Exponent Energy have now come up with sustainable solutions for mobility.

On that ground, startups with an aim to scale their research and operations have gained traction from investors this year.

For instance, in February, commercial electric vehicle financing startup Vidyut raised $10 Mn (around INR 83 Cr) to scale its business as a full-stack EV enabler offering services ranging from EV insurance, vehicle lifecycle management to EV resale.

In August, electric mobility startup Kazam raised $5 Mn (INR 42.5 Cr) to fuel its growth and expansion plans.

The Indian EV market houses a large number of small as well as large EV startups, which is projected to reach $110.74 Bn by 2029, as per Mordor Intelligence data.