It was a major fillip to the electric vehicle business after Delhi-based commercial EV leasing and asset management company ALT Mobility received $10 million funding under its Series A funding. The investment was led by European venture capital firm Eurazeo, with participation from existing investors including Shell Ventures, Twynam Earth Fund, and EV2 Ventures. This funding marks a significant milestone for ALT Mobility as it aims to enhance its operations and expand its footprint in the rapidly growing electrification market.
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ALT Mobility was founded in 2021 by a team of visionaries—Dev Arora, Anuj Gupta, Harsh Dev Goyal, Jay Gupta, and Manas D Arora. The firm is presented as a full-stack EV leasing platform which will offer mobility as a service or MaaS, especially customized for commercial vehicle users. The company has been one of the forerunners in simplifying the funding options and providing reliable technological solutions to make intra-city logistics transition into electric mobility. These changes are important not only in reducing carbon footprint but also in improving profitability of logistics operators.
ALT Mobility will make significant strides with the new capital to enhance its digital asset management platform, standardize its battery technology, and scale its fleet up to 30,000 vehicles by March 2026. The company expects to handle assets worth ₹800 crore (about $96 million) in the next 18 months. This growth strategy speaks of ALT’s commitment to leadership in the EV leasing market as the demand for sustainable transportation solutions grows.
Currently, ALT Mobility has 10,000 vehicles operating in 20 cities across India and leased to fleet operators and individual drivers. It provides a comprehensive suite of services including vehicle leasing, maintenance, charging solutions, real-time fleet monitoring, and data-driven insights. This all-encompassing approach reduces the total cost of ownership for the users and maximizes the uptime of fleets. Hence, it is one of the most attractive options for businesses looking to transition into electric vehicles.
In addition to expanding its fleet, ALT Mobility is also set to introduce innovative leasing options aimed at the driver-cum-owner segment. This includes “drive-to-own” schemes that make it easier for individuals to transition from drivers to vehicle owners. Furthermore, the company is looking to implement a Battery-as-a-Service (BaaS) model for second-life vehicles, which would provide additional flexibility and sustainability in the management of battery resources.
The larger context in which this funding round operates is in the growing understanding of the potential of electric mobility in India and around the world. As governments and corporations work to meet sustainability metrics and cut greenhouse gas, companies such as ALT Mobility are perfectly positioned to come into the fray. With the Indian government actively looking to make electric vehicles widespread through policies and incentives, the overall environment has been very conducive to startups working in this space.
In conclusion, the successful fund raising of $10 million in Series A funding for ALT Mobility is a big step for the company in its plan to change the face of logistics through electric mobility. Extensive plans for growth and innovation at ALT not only contribute to a greener future but also set precedents for the evolution of commercial vehicles in India. As the company scales its operation and enhances its service offerings, it is very well-poised to be a market leader in the electric vehicle leasing market that drives transportation solutions toward sustainability.
