November 27, 2024 | Mumbai
Key Investment to Accelerate Growth
Alt Mobility, a commercial EV leasing and asset management firm, has raised $10 million in a Series A funding round led by Eurazeo and supported by other investors, including Shell Ventures, Twynam Earth Fund, and EV2 Ventures. The funding aims to support the company’s ambitious growth plans and further strengthen its position in India’s burgeoning EV ecosystem.
How the Funds Will Be Used
The new capital infusion will enable Alt Mobility to:
- Expand its Digital Asset Management Platform: Enhance its technological capabilities to manage fleets more efficiently.
- Standardize Battery Technology: Promote uniform battery solutions across its fleet to improve performance and compatibility.
- Grow Fleet Size: Scale its fleet from the current 10,000 vehicles across 20 cities to 30,000 vehicles by March 2026.
- Increase Assets Under Management (AUM): Target a 4x growth, managing an AUM of Rs 800 crores over the next 18 months.
CEO’s Vision
“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, launching innovative products, and driving ecosystem integrations to reduce the total cost of ownership of EVs,” said Dev Arora, Co-founder and CEO of Alt Mobility.
Innovative Offerings for a Growing Market
Alt Mobility’s integrated leasing and asset management solutions include:
- Leasing Products for LCVs and Cars: Recently introduced solutions cater to the growing demand for 4-wheeler light commercial vehicles and electric cars.
- Battery-as-a-Service (BaaS): A model focused on second-life vehicles, providing efficient battery management.
- Driver-Centric Initiatives: Launching “drive-to-own” programs to empower driver-cum-owners to transition into EV ownership.
- Comprehensive Fleet Management: Services include charging, servicing, and real-time diagnostics to maximize fleet uptime.
Why This Matters
With EV adoption on the rise, Alt Mobility’s expansion will help bridge gaps in fleet electrification and support businesses and individual drivers with cost-efficient, sustainable leasing options. The company’s focus on battery standardization and integrated asset management positions it as a key player in India’s evolving EV landscape.
