Aims to enhance its EV FleetOS platform, expand market for EV leasing and accelerate its growth plans
GURGAON, India, Jan. 18, 2024 /PRNewswire/ -- Alt Mobility, a technology-enabled electric vehicle (EV) leasing and lifecycle management platform, has announced that it has raised $6mn 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 capital will be used for hiring an engineering team to scale its EV asset management platform FleetOS. The company would also be launching new verticals for fleets including Drive-to-Own model, Parametric Insurance, Fleet Depots (parking and charging), Battery Refurbishment Unit. The company further intends to accelerate its growth plans and embark on expanding its presence in over 20+ cities aiming to achieve an AUM of $100mn in the next two years.
Founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal and Jayant Gupta, Alt Mobility has been a catalyst for the EV ecosystem, enabling rapid EV fleet adoption through asset management for fleets, providing hassle free and integrated experience, and unlocking lowest total cost of ownership and maximum fleet uptime, resulting in business certainty and predictability.
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."
"Alt Mobility's vision to further the electrification of fleets in India aligns with our commitment to advance the development of sustainable and efficient transportation solutions in the region," says Christine Vincent, Venture Principal at Shell Ventures. "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."
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."
The company is on track to become the largest proprietary EV fleet provider in the country. By 2025, Alt Mobility is aiming their fleet's cumulatively will offset 400,000 MT of lifetime CO2 emissions, reinforcing their commitment to sustainable mobility.
About Alt Mobility
Alt Mobility is a full stack Electric Fleet Leasing platform that enables transition of urban logistics fleets to electric mobility through leasing. Alt's Fleet Lease solution combines leasing with insurance, roadside service, maintenance, charging & parking hubs for complete lifecycle management of electric fleets. The company started leasing electric vehicles in April 2022 and has scaled to AUM of $12 million (Rs 100 cr) comprising of leased e2W, e3W, e4W and chargers.
Website: www.alt-mobility.com
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