Alt Mobility Secures USD 10 Million Funding in Series A Round

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

November 27, 2024. By Aishwarya

Alt Mobility has received USD 10 million in a Series A funding round led by existing investor Eurazeo, a European VC and PE fund, and saw participation from other existing investors, including Shell Ventures, Twynam Earth Fund, and EV2 Ventures.

Alt Mobility currently owns a fleet of 10,000 vehicles across 20 cities in India leased to fleet operators and individual drivers. With an integrated leasing and asset management solution, Alt Mobility offers a seamless experience that includes servicing, charging, and real-time fleet monitoring and diagnostics.

The company leverages data to provide valuable insights, driving profitable EV adoption across the value chain.

The company is well-positioned to expand its fleet to 30,000 vehicles by March 2026 and manage an Asset Under Management (AUM) of INR 800 Crores—representing a 4x growth of its current asset base over the next 18 months. In addition, the company will invest in expanding the capabilities of its digital asset management platform and driving standardization of battery technology.

Alt Mobility plans to also rapidly grow its offerings to the Driver Cum Owner segment with innovative ‘drive to own’ options to promote vehicle ownership. The company recently launched leasing products for 4-wheeler light commercial vehicles (LCVs) and cars and battery as a service model (BaaS) for second-life vehicles.

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

“We are charged up for the next phase of growth—unlocking new markets and products and deeper ecosystem integrations with our partners to drive down the total cost of ownership of EVs”, added Arora.

Ernest Xue, Director at Eurazeo and board member at Alt Mobility, Julien Mialaret, Operating Partner and Matthieu Bonamy, Partner at Eurazeo shared, “We are excited to strengthen our support to the Alt Mobility team and lead this Series A round. Since our previous investment in Alt Mobility, the company has continued to show strong sustainable growth and scale its impact. Alt Mobility’s approach to the operational leasing and asset management of electric vehicles clearly addresses the pressing need for accessible, efficient, and sustainable transportation in India, one of the world’s most dynamic markets. We are excited to strengthen our support to the team as they continue to pioneer solutions that not only reduce harmful emissions but also create viable new economic opportunities in India. As an investor supporting the development of EVs globally, we are committed to partnering with exceptional entrepreneurs who can accelerate the deployment of assets needed for global decarbonisation.”

Christine Vincent, Venture Principal at Shell Ventures and board member at Alt Mobility, shared, “Shell Ventures is excited to participate in Alt Mobility’s Series A raise, following our initial investment in 2023. Over the past year, we have seen Alt Mobility scale-up quickly and profitably across larger product segments and introduce innovative financing structures tailored for each customer persona.

From fleet operators to driver cum owners, Alt's offerings help simplify their transition to electric vehicles. India has potential for large-scale EV adoption, and together with our other portfolio companies, we believe Alt will play a significant role in driving our e-mobility strategy in this market.”

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