Alt Mobility has Raised $10 Million in Series A Round Funding

Alt Mobility, a company specializing in commercial EV leasing and asset management, has raised $10 million in a Series A funding round. The round was led by European venture capital and private equity firms, along with existing investor Eurazeo. Other investors, including Shell Ventures, Twynam Earth Fund, and EV2 Ventures, also took part.

Funding Utilisation

The new funding will help Alt Mobility grow by expanding its digital asset management platform and working on standardizing battery technology, among other goals.

The company said. "Alt Mobility has secured $10 million in a Series A funding round led by existing investor Eurazeo, and (it also) saw participation from other existing investors including Shell Ventures, Twynam Earth Fund and EV2 Ventures,".

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

The company plans to grow its fleet to 30,000 vehicles by March 2026 and manage assets worth Rs 800 crores, aiming for a fourfold increase in its assets over the next 18 months.

Dev Arora, Co-founder and CEO of Alt Mobility said, "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 and products, deeper ecosystem integrations with our partners to drive down the total cost of ownership of EVs,".

Alt Mobility plans to quickly grow its offerings for driver-owners with "drive to own" options to encourage vehicle ownership.

The company recently introduced leasing options for 4-wheeler light commercial vehicles (LCVs) and cars, as well as a battery-as-a-service (BaaS) model for second-life vehicles.

Alt Mobility provides a complete leasing and asset management solution, including vehicle servicing, charging, and real-time fleet monitoring and diagnostics.

About Alt Mobility

As a full-stack EV leasing platform, Alt Mobility offers mobility as a service (MaaS) for commercial vehicle users, simplifying financing and providing reliable technology to help shift city logistics to electric vehicles, reducing carbon footprints and boosting profitability.

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