Alt Mobility, an EV leasing platform, has secured $6mn in funding co-led by Shell Ventures, Eurazeo, EV2 Ventures and Twynam. In addition, LetsVenture, Piper Serica, Pitchright, and UC Inclusive participated in the round with a combination of venture debt and equity.
The funds will go towards expanding FleetOS, the company’s EV asset management platform, by employing an engineering staff, as reported by PRNewswire.
Dev Arora, CEO, of 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 recognize the immense growth opportunity in the EV sector in India and will bring in their global and India experience in achieving our mission.”
Additionally, the business would be introducing fresh industries for fleets, such as Battery Refurbishment Units and fleet Stores (parking and charging).
“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,” says Christine Vincent, Venture Principal at Shell Ventures. “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. We are excited to work with Alt Mobility towards a more sustainable mobility future for India.”
The company also wants to further its expansion efforts and enter more than 20 cities, to reach an AUM of $100 million within two years.
General Partner, EV2 Ventures – Karan Mittal 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.”
About Alt Mobility
Founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta, ALT Mobility is a full-stack EV leasing platform offering mobility as a service (MaaS) for commercial vehicle users.