Alt Mobility Raises $6mn In Funding

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Alt seeks to improve its EV FleetOS platform, broaden the market for electric vehicle leasing, and hasten its expansion strategies.

Alt Mobility, an electric vehicle (EV) leasing and lifecycle management platform, has secured $ 6 million in funding. The funding round was jointly led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam, with additional participation from UC Inclusive, Piper Serica, Pitchright, and LetsVenture. The funds will be allocated towards expanding the engineering team to enhance its EV asset management platform, FleetOS.

The company plans to introduce new services for fleets, such as a Drive-to-Own model, Parametric Insurance, Fleet Depots (for parking and charging), and a Battery Refurbishment Unit. Alt Mobility aims to expand its operations to over 20 cities and manage assets worth $ 100 million within the next two years.

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Established in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta, Alt Mobility has contributed to the growth of the EV ecosystem by facilitating the adoption of EV fleets. The company provides an integrated experience that aims to reduce the total cost of ownership and increase fleet uptime.

Dev Arora, CEO of Alt Mobility, expressed gratitude for the investors’ confidence in the company’s mission to electrify commercial fleets in India. He highlighted the investors’ recognition of the potential growth in the EV sector in India.

Christine Vincent, Venture Principal at Shell Ventures, acknowledged the alignment of Alt Mobility’s vision with their commitment to promoting sustainable and efficient transportation solutions. She pointed out the need for affordable financing options for fleets transitioning to EVs and expressed enthusiasm about collaborating with Alt Mobility.

Ernest Xue, Director at Eurazeo Venture Smart City, emphasized the importance of mobility electrification for reducing pollution and creating jobs in India. He expressed confidence in Alt Mobility’s potential to transform one of the world’s fastest-growing markets. Matthieu Bonamy, a partner at Eurazeo Venture, reiterated their commitment to supporting entrepreneurs working towards more sustainable cities.

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