Alt Mobility Nets $6 Mn To Scale Its EV Asset Management Platform

Alt Mobilty has raised $6 Mn (around INR 50 Cr) in a Pre-Series A funding round co-led by Shell Ventures, Eurazeo, EV2 Ventures and Twynam.

The round, which was a mix of debt and equity infusion, also saw participation from UC Inclusive, Piper Serica, Pitchright and LetsVenture.

The startup will use the fresh capital for hiring an engineering team to scale its EV asset management platform FleetOS. 

Founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal and Jayant Gupta, Alt Mobility enables rapid EV fleet adoption through asset management for fleets, providing hassle-free and integrated experience and unlocking lowest total cost of ownership and maximum fleet uptime, resulting in business certainty and predictability.

The startup said in a statement that it would also launch new verticals for fleets, including drive-to-own model, parametric insurance, fleet depots (parking and charging), battery refurbishment unit. 

In addition, the startup aims to accelerate the growth plans and commence expansion of its presence across over 20 cities to achieve an AUM of $100 Mn (around $8.3 Bn) in the next two years. 

The startup’s fleet lease solution combines leasing with insurance, roadside service, maintenance, charging and parking hubs for complete lifecycle management of electric fleets. 

It started leasing EVs in April 2022 and claims to have scaled to an AUM of $12 Mn (INR 100 Cr) comprising leased e2W, e3W, e4W and chargers. 

“The investors joining our board recognise the immense growth opportunity in the EV sector in India and will bring in their global and India experience in achieving our mission,” said Dev Arora.

“Alt Mobility’s vision to further the electrification of fleets in India aligns with our commitment to advance the development of sustainable and efficient transportation solutions in the region,” said Christine Vincent, venture principal, Shell Ventures. 

Vincent added that Alt’s model helps EV business owners accelerate their fleet electrification journey. 

Alt Mobility aims to become the largest proprietary EV fleet provider in India by 2025. 

The startup secured a seed funding of INR 5 Cr from Third Derivates, Pitch Right Ventures, Lets Venture, Piper Serica and angel investors.

In the EV space, startups have been gaining traction from a clutch of investors for quite some time now. 

For instance, in December, financing startup Revfin secured $14 Mn to  facilitate financing for a range of EVs, such as two-wheelers and three-wheelers. 

Also EV charging startup Exponent Energy secured  $26.4 Mn to  scale the operations on both the business and manufacturing fronts.