Alt Mobility Secures $10M Funding to Drive EV Expansion

Alt Mobility, a commercial EV leasing firm, has raised USD 10 million in a Series A funding round. Led by prominent European VC and PE funds and existing investor Eurazeo, the funding will aid in expanding its digital asset management platform and fleet size, optimizing battery technology, and launching innovative leasing solutions.

On Wednesday, Alt Mobility, a commercial EV leasing and asset management firm, announced securing USD 10 million in a Series A funding round. This round was led by European venture capital and private equity funds alongside existing investor, Eurazeo.

The funding round saw participation from Shell Ventures, Twynam Earth Fund, and EV2 Ventures, strengthening Alt Mobility's financial standing for its next growth phase. The capital will support expanding its asset management platform capabilities and standardizing battery technology.

Currently, Alt Mobility operates a fleet of 10,000 vehicles spread across 20 Indian cities. With plans in place, the company aims to expand its fleet to 30,000 vehicles by March 2026, expecting to manage an Asset Under Management (AUM) of Rs 800 crores. As part of its expansion, Alt Mobility is introducing innovative leasing products and the battery-as-a-service model.

(With inputs from agencies.)