Alt Mobility Raises $6M In Funding To Expand EV Leasing, FleetOS Platform

Alt Mobility, an electric vehicle (EV) leasing and lifecycle management platform, has reported it has raised 6 million dollars in funding co-led by Shell Ventures, Eurazeo, EV2 Ventures and Twynam.

Dev Arora, CEO of Alt Mobility, said, “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 to electrifying commercial fleets. The investors joining our board recognise the immense growth opportunity in the EV sector in India and will bring their global and Indian experience to achieving our mission."

The fund is to be used to scale the engineering team's EV asset management platform, FleetOS. The company would also be unveiling new verticals for fleets, including the drive-to-own model, parametric insurance, fleet depots (parking and charging), and battery refurbishment units. The company further aims to expand its presence in over 20 cities, aiming to achieve an AUM of one hundred million dollars in the next two years.

Ernest Xue, Director at Eurazeo Venture Smart City, said, ”The electrification of mobility is significant to the decarbonisation of transportation and the improvement of pollution in India, all while driving job creation and inclusive economic growth across demographics. Our investment in Alt Mobility signifies our belief that sustainable products emerging from the nexus of mobility, energy and data will be transformative for one of the deepest and fastest-growing markets in the world."