Alt Mobility is powering EV adoption for India’s logistics fleets
Delhi startup Alt Mobility has created a profitable model that bundles financing, servicing, and uptime to make EVs affordable for logistics operators.
India’s shift to electric mobility is often linked with shiny cars and charging hubs, but the real change lies in commercial fleets—the vans, autos, and cargo three-wheelers that keep logistics and last-mile delivery moving.
The huge upfront cost of these vehicles, however, remains a huge challenge for operators.
This is the gap that Delhi-based set out to bridge. Founded in 2022, it is tackling the high cost of EV ownership with a leasing and lifecycle management platform.
“Financing was the biggest barrier, so we built a model that offers vehicles along with servicing, insurance, and uptime support under one roof,” says Dev Arora, CEO and Co-founder of Alt Mobility.
Arora, a computer science graduate from NIT Kurukshetra, began his entrepreneurial journey in 2014 with colleague Anuj Gupta when they founded 8Minute, a rooftop solar venture. Over six years, they deployed clean energy projects across homes and industries, and along the way connected with Manas Arora, Harsh Goyal, and Jayant Gupta.
The idea of Alt Mobility took shape when Jayant Gupta moved into manufacturing EVs. “We all realised EVs faced the same challenges as solar in its early days, lack of resale market, unclear residual values, and technology risks,” Arora says.
By 2021, the team was piloting EVs with Flipkart, SafeExpress, and more than 30 logistics companies to show that electric fleets could run cheaper than petrol or diesel ones. “The upfront cost is higher, but fuel and maintenance savings make EVs more economical,” Arora says.
How the model works
Alt’s core service is leasing and managing EVs for commercial fleets. It buys vehicles directly from OEMs and offers them to drivers and operators under all-inclusive contracts. In March 2022, it deployed its first batch of 82 two-wheelers and 10 three-wheelers for Lightning Logistics in Delhi.
“Customers don’t just get a vehicle; they get servicing, insurance, road tax, and charging support, with us as the single contact for any issue,” Arora says.
Unlike banks that ask for a 20-25% down payment, Alt only takes a three-month deposit. Rentals start at about Rs 3,500 for two-wheelers, Rs 15,500 for three-wheelers, and Rs 20,000-Rs 30,000 for four-wheelers, depending on the use case.
Alt Mobility supports charging by working with multiple operators and building new stations where required. Through its in-house application Fleet OS, users can locate chargers, track vehicles, and receive predictive maintenance alerts.
“We deploy IoT devices in every vehicle. They send data to our servers, allowing us to monitor asset health in real time. We can predict defaults or breakdowns before they happen,” Arora says.
Growth and footprint
Alt Mobility now manages over 15,000 vehicles, with assets under management (AUM) close to Rs 300 crore. Around 60% of its fleet is three-wheelers, 30% two-wheelers, and 10% four-wheelers. As of now, it works with more than 70 B2B customers and over 1,000 drivers. It employs 185 people, including a 25-member tech team.
The clean mobility startup operates through a network of point-of-sale outlets and mini dealerships where drivers can test and lease vehicles. Most customers prefer visiting a physical centre rather than transacting online. “We have four outlets in Delhi and Uttar Pradesh. Six more are coming this quarter, with two run by franchisees,” Arora says.
Revenue and funding
Alt Mobility says it has been profitable from the start, doubling its revenue every year. In FY2025, it earned about Rs 63.40 crore. The business model brings steady income through monthly rentals, while smart fleet management keeps costs low.
In late 2024, the startup raised $10 million in Series A funding from global investors including Eurazeo (Paris), Shell Ventures, Twynam Earth Fund (Australia), and EV2 Ventures. With this backing, it plans to grow to 30,000 vehicles by FY2026 and manage assets worth over Rs 500 crore.
“We’ve doubled revenues every year so far, and we aim to keep doing that while staying profitable,” Arora says.
Competition and the challenges
The Indian EV financing market has many NBFCs and banks, but Alt Mobility says it stands apart. “Traditional financiers just provide loans. We go beyond financing to ensure vehicle uptime, lower costs, and complete lifecycle management. That’s our differentiation,” Arora says.
The co-founder believes that awareness is still a challenge, especially in Tier II and III cities. But he is optimistic, noting that the market is shifting from early adopters to mainstream. Drivers now understand EVs save money; “the question is only which model to pick,” Arora says.
Market size and the road ahead
According to a Mordor Intelligence report, the electric vehicle leasing market in India is growing fast. In 2025, the market was valued at about $1.19 billion and is expected to reach $5.33 billion by 2030, growing at a yearly rate of roughly 35%.
“Last year, we owned around 12.6% of Delhi’s three-wheeler EV sales, a figure we expect to push to 25% this year,” Arora tells YourStory.
The startup is also building Fleet GPT, an AI tool that answers questions about fleet data, such as how much a vehicle ran in a day or its current status. It uses AI/ML to cut down noise in alerts, spot unusual patterns, and even predict payment defaults by tracking usage and delays. The goal is to keep vehicles running longer and improve portfolio health.
Alt Mobility’s next phase of growth will go beyond two or four-wheelers. The company is preparing to lease buses and trucks for intercity and corporate use. “We’re also scaling our physical sales points to make leasing as seamless as buying a car,” Arora says.
“EVs are essentially batteries on wheels. Once you solve for financing and uptime, the economics take care of the rest,” Arora says.