Alt Mobility, a technology-enabled electric vehicle (EV) leasing and lifecycle management platform has raised $6 million (Rs 50 crore) in funding co-led by Shell Ventures, Eurazeo, EV2 Ventures and Twynam.
The round also saw participation from UC Inclusive, Piper Serica, Pitchright and LetsVenture in a mix of equity and venture debt.
The funding will be used for hiring engineering team to scale its EV asset management platform FleetOS. It will also launch new verticals for fleets including Drive-to-Own model, Parametric Insurance, Fleet Depots (parking and charging), Battery Refurbishment Unit. The company further intends to accelerate its growth plans and embark expanding its presence in over 20 cities aiming to achieve an AUM (asset under management) of $100 million (Rs 833 crore) in the next two years.
The start-up founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal and Jayant Gupta, is trying to enable 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.
Dev Arora, CEO, Alt Mobility said, “With their faith in Alt Mobility, investors across four continents are confident in the growth of the EV ecosystem in India and our integrated approach of electrifying commercial fleets. 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.”
Christine Vincent, Venture Principal at Shell Ventures said, “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. Today, one of the main barriers for fleets to transition to EVs is the lack of affordable financing options. Alt’s model caters to this gap and helps business owners accelerate their electrification journey.”
Ernest Xue, Director, Eurazeo Venture Smart City said, ”The electrification of mobility is significant to the decarbonisation of transportation and improvement of pollution in India, all while driving job creation and inclusive economic growth across demographics. Our investment into Alt Mobility signifies our belief that sustainable products emerging from the nexus of mobility, energy and data will be transformative for one of the deepest and fastest-growing markets in the world.”
Matthieu Bonamy, Partner, Eurazeo Venture said “As a global investor that has supported the growth of deep EV ecosystems in both China and Europe, we are committed to partnering with driven entrepreneurs working on unlocking the different chokepoints that hinder such progress and enable more sustainable cities.”
Karan Mittal, General Partner, EV2 Ventures said, “Alt Mobility aligns seamlessly with our central thesis by directly contributing towards the advancing of the clean mobility ecosystem, with its innovative approach of offering affordable financing solutions and robust asset lifecycle management, addressing a key obstacle for electric vehicle adoption, and thus reinforcing our commitment to a sustainable and impactful investment in the mobility sector.”
Jonathan Green, Investment Director, Twynam Earth Fund said, “The team at Alt have delivered on lower cost operating leases, removing friction from the transition to electric for operators. Their tenacity has been clear from day one and we at Twynam are excited to support their journey toward decarbonising India’s massive fleet of vehicles.”
