Alt Mobility Secures $6 Million Funding Led by Shell Ventures to Fuel Electric Fleet Expansion
EV leasing and lifecycle management platform ALT Mobility has successfully 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 intends to utilize the capital to recruit an engineering team for its electric vehicle (EV) asset management platform, FleetOS, and to introduce 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.
Established in 2021, Alt Mobility is a comprehensive electric fleet leasing platform that facilitates rapid EV fleet adoption through asset management. The platform is designed to provide a seamless experience, low total cost of ownership, and maximum fleet uptime, leading to business certainty and predictability. Its fleet lease solutions encompass insurance, roadside service, maintenance, charging, and parking hubs for the complete lifecycle management of electric fleets.
“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 recognize 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.