ALT Mobility Secures $10 Million in Series A Funding to Expand EV Leasing Operations
Delhi-based ALT Mobility, a commercial electric vehicle (EV) leasing and asset management company, has raised $10 million in a Series A funding round. The investment was led by European venture capital firm Eurazeo, with participation from Shell Ventures, Twynam Earth Fund, and EV2 Ventures. This significant infusion of capital is expected to help the company strengthen its position in the rapidly expanding electric mobility sector.
Founded in 2021, ALT Mobility provides a full-stack EV leasing platform, offering mobility-as-a-service (MaaS) solutions tailored for commercial vehicle users. With the increasing demand for sustainable transportation options, ALT has positioned itself as a key player in the transition to electric vehicles for intra-city logistics. The company is focused on reducing the carbon footprint of logistics operations while simultaneously improving profitability for operators.
Plans for Expansion and Technological Innovation
ALT Mobility plans to utilize the new funding to enhance its digital asset management platform, standardize its battery technology, and scale its fleet to 30,000 vehicles by March 2026. The company aims to handle assets worth approximately ₹800 crore (around $96 million) over the next 18 months. This growth strategy reflects ALT’s ambition to lead the electric vehicle leasing market as demand for sustainable mobility solutions continues to rise.
Currently, the company has a fleet of 10,000 vehicles operating across 20 cities in India. These vehicles are leased to fleet operators and individual drivers. ALT offers a comprehensive range of services, including vehicle leasing, maintenance, charging solutions, real-time fleet monitoring, and data-driven insights. This holistic approach helps reduce the total cost of ownership for users while maximizing fleet uptime, making it a compelling choice for businesses seeking to transition to electric vehicles.
Innovative Leasing Options and Battery-as-a-Service Model
In addition to expanding its fleet, ALT Mobility is exploring innovative leasing options aimed at the driver-cum-owner segment. One of the key initiatives is the “drive-to-own” scheme, designed to help drivers transition into vehicle ownership. The company is also working on implementing a Battery-as-a-Service (BaaS) model for second-life vehicles, providing greater flexibility and sustainability in battery management.
Electric Mobility in India: A Growing Market
The funding round comes at a time when the electric mobility sector is gaining momentum in India. The Indian government has been actively promoting the adoption of electric vehicles through various policies and incentives, creating a favorable environment for startups in this space. With its focus on sustainability and cost-effective solutions, ALT Mobility is well-positioned to meet the growing demand for electric transportation in India.
As the company expands its operations and service offerings, ALT Mobility is poised to play a significant role in reshaping the future of commercial transportation in India. With its innovative approach to electric vehicle leasing, the company is set to lead the way toward a greener, more sustainable future for logistics in the country.
