Alt Mobility secures $ 10 mn funding for EV adoption

02 Dec 2024 CW Team

Expansion Plans
Alt Mobility aims to quadruple its current asset base, targeting a fleet size of 30,000 EVs and managing ?8 billion in assets by March 2026. The company will also invest in its digital asset management platform and focus on standardising battery technology.

Currently operating a fleet of 10,000 EVs across 20 Indian cities, Alt Mobility leases vehicles to fleet operators and individual drivers. Its comprehensive services include vehicle maintenance, charging infrastructure, and real-time fleet monitoring. By leveraging data-driven insights, the company seeks to optimise EV adoption and promote profitability.

Innovative Offerings
Alt Mobility is enhancing accessibility with its "drive-to-own" initiative, allowing individual drivers to transition to vehicle ownership. Additionally, the company has introduced leasing solutions for light commercial vehicles (LCVs) and cars, as well as a battery-as-a-service (BaaS) model for second-life vehicles. These initiatives are designed to simplify EV adoption and cater to a diverse customer base.

Statements from Leaders
Dev Arora, Co-founder and CEO of Alt Mobility, expressed gratitude for investor confidence and outlined plans to unlock new markets and products. He stated, "We are charged up for the next phase of growth, driving deeper ecosystem integration and reducing the total cost of EV ownership."

Eurazeo representatives Ernest Xue, Julien Mialaret, and Matthieu Bonamy praised Alt Mobility’s sustainable growth and its role in providing accessible, efficient, and eco-friendly transportation in India. They highlighted the company's potential to contribute significantly to global decarbonisation efforts.

Series A Funding Impact
The $10 million Series A funding led by Eurazeo reflects strong confidence in Alt Mobility’s business model and growth potential. With continued backing from Shell Ventures, Twynam Earth Fund, and EV2 Ventures, the company is poised to strengthen its position in the dynamic Indian EV market.

Alt Mobility’s integrated approach to leasing and asset management, supported by robust data analytics, demonstrates a commitment to driving sustainable transportation solutions. The planned expansion underscores the company’s mission to create an impactful and economically viable EV ecosystem in India.

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Alt Mobility, an Indian electric vehicle (EV) leasing and asset management company, has secured $10 million in Series A funding. The investment round was led by Eurazeo, with continued support from existing investors, including Shell Ventures, Twynam Earth Fund, and EV2 Ventures. This funding will enable Alt Mobility to expand its fleet, develop its technology platform, and explore new markets. Expansion Plans Alt Mobility aims to quadruple its current asset base, targeting a fleet size of 30,000 EVs and managing ?8 billion in assets by March 2026. The company will also invest in its digital asset management platform and focus on standardising battery technology. Currently operating a fleet of 10,000 EVs across 20 Indian cities, Alt Mobility leases vehicles to fleet operators and individual drivers. Its comprehensive services include vehicle maintenance, charging infrastructure, and real-time fleet monitoring. By leveraging data-driven insights, the company seeks to optimise EV adoption and promote profitability. Innovative Offerings Alt Mobility is enhancing accessibility with its drive-to-own initiative, allowing individual drivers to transition to vehicle ownership. Additionally, the company has introduced leasing solutions for light commercial vehicles (LCVs) and cars, as well as a battery-as-a-service (BaaS) model for second-life vehicles. These initiatives are designed to simplify EV adoption and cater to a diverse customer base. Statements from Leaders Dev Arora, Co-founder and CEO of Alt Mobility, expressed gratitude for investor confidence and outlined plans to unlock new markets and products. He stated, We are charged up for the next phase of growth, driving deeper ecosystem integration and reducing the total cost of EV ownership. Eurazeo representatives Ernest Xue, Julien Mialaret, and Matthieu Bonamy praised Alt Mobility’s sustainable growth and its role in providing accessible, efficient, and eco-friendly transportation in India. They highlighted the company's potential to contribute significantly to global decarbonisation efforts. Series A Funding Impact The $10 million Series A funding led by Eurazeo reflects strong confidence in Alt Mobility’s business model and growth potential. With continued backing from Shell Ventures, Twynam Earth Fund, and EV2 Ventures, the company is poised to strengthen its position in the dynamic Indian EV market. Alt Mobility’s integrated approach to leasing and asset management, supported by robust data analytics, demonstrates a commitment to driving sustainable transportation solutions. The planned expansion underscores the company’s mission to create an impactful and economically viable EV ecosystem in India.

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