EV Lending Startup Alt Mobility Secures $10 Mn in Series A Round, Plans to Expand Its Portfolio

Alt Mobility, an EV leasing and lifecycle management firm, raised $10 million (about INR 84.3 crore) in a Series A fundraising round led by current investor Eurazeo.

Alt Mobility was founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta. It is a full stack EV leasing platform that provides mobility as a service (MaaS) to businesses and individuals.

Other existing investors participated in the round, including Shell Ventures, Twynam Earth Fund, and Ev2 Ventures.

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The New Delhi-based company intends to use the cash to expand its fleet, enhance the capabilities of its digital asset management platform, and drive battery technology standardization.

It presently claims to have a fleet of 10,000 vehicles spread over 20 cities. Furthermore, the firm provides real-time fleet monitoring and diagnostics services to its customers.

The company intends to increase its current fleet of vehicles to 30,000 over the next two years and manage an asset under management (AUM) of INR 800 crore. It also intends to expand its capabilities in the driver/owner sector.

The business recently launched leasing options for four-wheeler light commercial vehicles (LCVs) and cars, as well as a battery as a service model (BaaS) for used vehicles, according to a statement.

“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 electric vehicles,” said Alt Mobility’s cofounder and CEO, Dev Arora.

Earlier this year, the firm raised $6 million in a Pre-Series A investment headed by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam.

This also comes at a time when many Indian electric vehicle firms, like Ather Energy, Altigreen, BluSmart, and Exponent Energy, have developed sustainable transportation solutions.

On that front, firms looking to scale their research and operations have garnered favor with investors this year.

For example, in February, commercial electric vehicle financing company Vidyut secured $10 million (approximately INR 83 crore) to expand its business as a full-stack EV enabler that provides services ranging from EV insurance to vehicle lifecycle management to EV resale.

In August, Kazam, an electric mobility startup, raised $5 million (INR 42.5 crore) to fund its growth and expansion goals.

According to Mordor Intelligence, the Indian EV industry, which includes both small and large EV companies, is expected to reach $110.74 billion by 2029.