The funding will support Alt Mobility's plans to expand its EV fleet to 30,000 vehicles, manage Rs 800 crores AUM by March 2026.
27 Nov 2024 | 2382 Views | By Autocar Professional Bureau
Alt Mobility, a commercial electric vehicle leasing and asset management company, has raised Rs 83 crore in a Series A funding round led by Eurazeo, a European venture capital and private equity fund. Existing investors, including Shell Ventures, Twynam Earth Fund, and EV2 Ventures, also participated in the round.
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Alt Mobility, a commercial electric vehicle leasing and asset management company, has raised Rs 83 crore in a Series A funding round led by Eurazeo, a European venture capital and private equity fund. Existing investors, including Shell Ventures, Twynam Earth Fund, and EV2 Ventures, also participated in the round.
Alt Mobility currently operates a fleet of 10,000 electric vehicles across 20 cities in India, serving fleet operators and individual drivers. Its integrated leasing and asset management solutions include vehicle servicing, charging, and real-time fleet monitoring and diagnostics. The company utilizes data insights to enhance EV adoption and efficiency across its operations.
The company plans to expand its fleet to 30,000 vehicles by March 2026 and aims to manage an Asset Under Management (AUM) of Rs 800 crores, representing a fourfold growth in its asset base over the next 18 months. Additionally, it intends to enhance its digital asset management platform and support standardization in battery technology.
Alt Mobility is also expanding its offerings for the Driver Cum Owner segment with "drive to own" options, designed to promote vehicle ownership. It has recently introduced leasing products for light commercial vehicles (LCVs) and cars, along with a Battery as a Service (BaaS) model for second-life vehicles.
Dev Arora, Co-founder and CEO of Alt Mobility, expressed appreciation for the continued support from investors and highlighted the company’s focus on unlocking new markets and products while collaborating with partners to reduce the total cost of ownership for electric vehicles.
Eurazeo representatives, including board member Ernest Xue, Operating Partner Julien Mialaret, and Partner Matthieu Bonamy, noted that Alt Mobility’s approach to operational leasing and asset management supports the need for accessible and sustainable transportation in India. They emphasized their commitment to partnering with entrepreneurs driving solutions for global decarbonization.
Christine Vincent, Venture Principal at Shell Ventures and a board member at Alt Mobility, shared that Shell Ventures is pleased to continue its investment in the company. She highlighted Alt Mobility’s growth and innovative financing structures, which cater to diverse customer needs, including fleet operators and individual drivers. Vincent underscored Alt Mobility's role in facilitating EV adoption in India, aligning with Shell Ventures’ e-mobility strategy in the region.