Alt Mobility Introduces Leasing Solutions for LCVs to Boost EV Adoption

Key Highlights:

• Alt Mobility raised ₹83 crore in Series A funding led by Eurazeo, with Shell Ventures and others participating. 
• Alt Mobility operates 10,000 EVs across 20 cities in India, providing leasing, servicing, and fleet monitoring services.
• Plans include expanding to 30,000 EVs and ₹800 crore AUM by March 2026. 
• New offerings feature LCV leasing, "drive to own" models, and Battery as a Service. 
• Investors praised its role in advancing EV adoption and sustainable transport.

Alt Mobility, a commercial electric vehicle leasing and asset management company, has raised Rs 83 crore in its Series A funding round. The Series A funding round was led by European venture capital and private equity firm Eurazeo, with existing investors such as Shell Ventures, Twynam Earth Fund, and EV2 Ventures also participating.

Current Operations and Future Goals 

Alt Mobility provides an integrated leasing and asset management solution, offering a smooth experience with services such as maintenance, charging, and real-time fleet monitoring. The company leverages data-driven insights to support profitable EV adoption across the value chain.

Alt Mobility operates a fleet of 10,000 electric vehicles across 20 Indian cities. The company aims to expand its fleet to 30,000 vehicles by March 2026 and targets managing an Asset Under Management (AUM) of Rs 800 crores, a fourfold increase.

New Offerings and Innovations 

Alt Mobility has launched leasing products for light commercial vehicles (LCVs), cars, and a Battery as a Service (BaaS) model for second-life vehicles. The company also encourages vehicle ownership through "drive to own" options for the Driver Cum Owner segment. Enhancing its digital asset management platform and standardizing battery technology are main priorities. 

Investor Perspectives 

Dev Arora, Co-founder and CEO of Alt Mobility, emphasized the company's focus on exploring new markets and products, while working to lower the overall cost of EV ownership. Eurazeo’s board members praised Alt Mobility’s approach to sustainable transportation in India, emphasizing the partnership's alignment with global decarbonization goals. 

Christine Vincent, Venture Principal at Shell Ventures, expressed excitement about supporting Alt Mobility’s Series A funding after an initial investment in 2023. The focus was on Alt's rapid growth, innovative financing options, and efforts to simplify EV adoption for fleet operators and drivers. Alt Mobility is seen as a key player in advancing EV adoption in India.

Ernest Xue, Director at Eurazeo and board member at Alt Mobility, along with Julien Mialaret, Operating Partner, and Matthieu Bonamy, Partner at Eurazeo, expressed excitement about leading Alt Mobility's Series A round. They noted that since their previous investment, the company has shown strong, sustainable growth and scaled its impact.

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CMV360 Says

Alt Mobility's new funding and innovative ideas make it an important part of India’s electric vehicle market. The company is growing its fleet, offering new leasing options, and improving battery standards to address key challenges in EV adoption. These efforts can help make electric vehicles more affordable and widely used across the country.