Alt Mobility secures USD 6M in a round led by Shell Ventures, Eurazeo, EV2, and Twynam

Alt Mobility, an electric vehicle leasing and lifecycle management startup platform, raised USD 6 million in funding co-led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam. The round also saw participation from UC Inclusive, Piper Serica, Pitchright and LetsVenture in a mix of equity and venture debt. The funds will be utilized to expand the engineering team to scale the EV asset management platform FleetOS. Alt Mobility plans to introduce new verticals such as a Drive-to-Own model, Parametric Insurance, Fleet Depots (parking and charging), and a Battery Refurbishment Unit. The company extend its presence to over 20+ cities, targeting an AUM of USD 100 million within the next two years.

Founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta, Alt Mobility aims to facilitate rapid EV fleet adoption by providing integrated asset management for fleets, ensuring a hassle-free experience and optimizing total cost of ownership for maximum fleet uptime, as claimed by the official statement.

Sharing the development, Dev Arora, CEO, 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.”

Christine Vincent, Venture Principal at Shell Ventures, emphasized Alt Mobility’s contribution to addressing the financing gap for fleets transitioning to EVs. Says, “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.”

Ernest Xue, Director at Eurazeo Venture Smart City, said, ”The electrification of mobility is significant to the decarbonization of transportation and improvement of pollution in India, all while driving job creation and inclusive economic growth across demographics. Our investment into Alt Mobility signifies our belief that sustainable products emerging from the nexus of mobility, energy and data will be transformative for one of the deepest and fastest-growing markets in the world.”

Matthieu Bonamy partner at Eurazeo Venture says “As a global investor that has supported the growth of deep EV ecosystems in both China and
Europe, we are committed to partnering with driven entrepreneurs working on unlocking the different chokepoints that hinder such progress and enable more sustainable cities.”

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, addressing a key obstacle for electric vehicle adoption, and thus reinforcing our commitment to a sustainable and impactful investment in the mobility sector.”

Jonathan Green, Investment Director at Twynam Earth Fund said, “The team at Alt have delivered on lower cost operating leases, removing friction from the transition to electric for operators. Their tenacity has been clear from day one and we at Twynam are excited to support their journey toward decarbonising India’s massive fleet of vehicles.”

Alt Mobility aims to offset 400,000 MT of lifetime CO2 emissions, contributing to sustainable mobility by 2025.

Also read: Electric vehicle fleet adoption and stakeholder concerns| Insights from ALT Mobility