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Alt Mobility Raised $6 million In Funding Co-Led By Shell Ventures, Eurazeo, EV2 Ventures And Twynam

The company started leasing electric vehicles in April 2022 and with the latest funding it intends to expand its engineering team to scale the EV asset management platform FleetOS

Alt Mobility Raised $6 million In Funding Co-Led By Shell Ventures, Eurazeo, EV2 Ventures And Twynam
POSTED ON January 19, 2024 12:21 PM

Technology-enabled electric vehicle leasing and lifecycle management platform, Alt Mobility has raised $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 start-up intends to use the latest funding in hiring an engineering team to scale its EV asset management platform FleetOS, it added in a statement.  

It would also be launching new verticals for fleets including a Drive-to-Own model, Parametric Insurance, Fleet Depots (parking and charging), and 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, it added.  

Sharing the development, Dev Arora, CEO of 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 their global and Indian experience to 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 decarbonisation 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."  

Alt Mobility is a full-stack electric fleet leasing platform that enables the 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 crore) comprising of leased e2W, e3W, e4W, and chargers. 

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