Alt Mobility, a Delhi-based EV leasing and lifecycle management platform, has bagged $6 million in a fresh funding round co-led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam. The funding round also saw participation from Piper Serica, Pitchright, UC Inclusive, and LetsVenture.

As per the startup, the freshly raised funds will be used to hire an engineering team for its electric vehicle (EV) asset management platform, FleetOS. Additionally, the funds will be used to launch new fleet verticals such as drive-to-own, parametric insurance, fleet depots, and a recycling unit.

Alt Mobility | Full-stack EV leasing & lifecycle Management Platform

Founded by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta in 2021, Alt Mobility is a full-stack EV leasing platform offering mobility as a service (MaaS) for commercial vehicle users.

The Delhi-based startup enables rapid EV fleet adoption through asset management. It strives to offer a hassle-free experience, a low total cost of ownership, and maximum fleet uptime, combining leasing with insurance, roadside service, maintenance, charging, and parking hubs for the complete lifecycle management of electric fleets.

Speaking about the development, Dev Arora, Co-founder and CEO of Alt Mobility, emphasized the faith of investors in Alt Mobility and mentioned that investors across four continents are confident in the growth of the Indian EV ecosystem and its integrated approach of electrifying commercial fleets.

Arora said,

“The investors joining our board recognize the immense growth opportunity in the EV sector in India.”

Statement from the Investor

Commenting on the development, Christine Vincent, Venture Principal at Shell Ventures, mentioned the lack of affordable financing options as one of the main barriers for fleets to transition to EVs. Vincent added that Alt Mobility’s model caters to this gap and helps business owners accelerate their electrification journey.

As per the startup, since April 2022, its assets under management (AUM), which include leased electric two-, three- and four-wheelers and chargers, have grown to $12 Mn. Now, the firm aims to achieve an AUM of $100 million in two years by expanding its presence to more than 20 cities. Further, it aims to offset 400,000 MT of lifetime CO2 emissions through its fleet.

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