Alt Mobility, a technology-enabled platform specializing in electric vehicle (EV) leasing and lifecycle management, has raised $6 million in funding.
The investment round was co-led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam, with additional participation from UC Inclusive, Piper Serica, Pitchright, and LetsVenture, combining equity and venture debt.
This funding will be channeled into expanding the company’s engineering team and scaling its EV asset management platform, FleetOS.
Alt Mobility also plans to introduce new verticals for fleets, such as a Drive-to-Own model, Parametric Insurance, Fleet Depots for parking and charging, and a Battery Refurbishment Unit.
Founded in 2021, Alt Mobility has played a pivotal role in the EV ecosystem in India, focusing on asset management for EV fleets.
The company aims to expand its presence to over 20 cities and achieve an Asset Under Management (AUM) of $100 million within the next two years.
Dev Arora, CEO of Alt Mobility, highlighted the investors’ confidence in the company’s approach to electrifying commercial fleets in India.
Investors and partners like Shell Ventures, Eurazeo, and Twynam Earth Fund are enthusiastic about Alt Mobility’s vision to advance fleet electrification in India, recognizing the significant potential for sustainable mobility in the region.
Alt Mobility, which started leasing electric vehicles in April 2022, has quickly grown to an AUM of $12 million, encompassing leased electric two-wheelers, three-wheelers, four-wheelers, and chargers.
By 2025, the company aims to offset 400,000 MT of lifetime CO2 emissions with its fleet, reaffirming its commitment to sustainable mobility. – AsiaTechDesk.com