Alt Mobility raises $6M from Shell Ventures, Eurazeo, EV2, and others

The company plans to use the capital to hire an engineering team for its EV asset management platform, FleetOS, and to launch new fleet verticals such as drive-to-own, parametric insurance, fleet depots, and a recycling unit.

Alt Mobility raises $6M from Shell Ventures, Eurazeo, EV2, and others

Thursday January 18, 2024,

2 min Read

EV leasing and lifecycle management platform ALT Mobility has raised $6 million in a funding round co-led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam, with participation from UC Inclusive, Piper Serica, Pitchright, and LetsVenture.

The Delhi-based company plans to use the capital to hire an engineering team for its electric vehicle (EV) asset management platform, FleetOS, and to launch new fleet verticals such as drive-to-own, parametric insurance, fleet depots, and a recycling unit.

Since April 2022, Alt's assets under management (AUM), which include leased electric two-, three- and four-wheelers and chargers, have grown to $12 million. The company aims to achieve an AUM of $100 million in two years by expanding its presence to more than 20 cities.

"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," said Christine Vincent, Venture Principal at Shell Ventures.

Founded in 2021, Alt Mobility is a full-stack electric fleet leasing platform that enables rapid EV fleet adoption through asset management. The platform strives to offer a hassle-free experience, low total cost of ownership, and maximum fleet uptime, resulting in business certainty and predictability.

Its fleet lease solutions include insurance, roadside service, maintenance, charging, and parking hubs for complete lifecycle management of electric fleets.

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“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 recognise the immense growth opportunity in the EV sector in India,” said Dev Arora, CEO, Alt Mobility.

The startup aims to offset 400,000 MT of lifetime CO2 emissions through its fleet.


Edited by Megha Reddy