Alt Mobility raises USD 10 mn from Eurazeo, other investors

Mumbai: Commercial EV leasing and asset management firm Alt Mobility on Wednesday said it has secured USD 10 million funding in a Series A round led by European VC and PE funds and existing investor, Eurazeo.

The latest funding round also saw the participation from other investors including Shell Ventures, Twynam Earth Fund and EV2 Ventures, Alt Mobility said.

The fresh capital infusion would help the company in its next phase of growth including expanding the capabilities of its digital asset management platform and driving standardization of battery technology, among others, it said.

"Alt Mobility has secured USD 10 million in a Series A funding round led by existing investor Eurazeo, and (it also) saw participation from other existing investors including Shell Ventures, Twynam Earth Fund and EV2 Ventures," the company said.

Alt Mobility currently owns a fleet of 10,000 vehicles across 20 cities in India leased to fleet operators and individual drivers.

The company said it is well-positioned to expand its fleet to 30,000 vehicles by March 2026 and manage an Asset Under Management (AUM) of Rs 800 crores' ”representing a 4x growth of its current asset base over the next 18 months.

"We are grateful for the strong vote of confidence from our existing investors in our mission to accelerate the adoption of electric 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 EVs," said Dev Arora, Co-founder and CEO of Alt Mobility.

The company also said it plans to also rapidly grow its offerings to the driver-cum-owner segment with innovative "drive to own" options to promote vehicle ownership.

Alt Mobility recently launched leasing products for 4-wheeler light commercial vehicles (LCVs) and cars and battery-as-a-service model (BaaS) for second-life vehicles.

With an integrated leasing and asset management solution, Alt Mobility offerings include servicing, charging, and real-time fleet monitoring and diagnostics.