ALT Mobility, a Delhi-based startup revolutionizing the commercial electric vehicle (EV) leasing space, has successfully raised $10 million in its Series A funding round.
The investment, spearheaded by European venture capital firm Eurazeo, also saw significant contributions from existing backers Shell Ventures, Twynam Earth Fund, and EV2 Ventures.
This funding milestone marks a pivotal moment for ALT Mobility as it aims to accelerate the adoption of electric mobility solutions in India’s logistics sector.
With the fresh infusion of capital, ALT Mobility has set ambitious goals, including scaling its fleet to 30,000 vehicles by March 2026. Additionally, the company plans to enhance its digital asset management platform, standardize battery technology, and manage assets worth ₹800 crore within the next 18 months.
Having previously raised $6.45 million, the startup continues to build on its vision of providing seamless electric mobility solutions. The funds will also support the rollout of innovative models like Battery-as-a-Service (BaaS) and driver-focused leasing options to further its market reach.
Launched in 2021 by a team of forward-thinking founders—Dev Arora, Anuj Gupta, Harsh Dev Goyal, Jay Gupta, and Manas D Arora—ALT Mobility is a full-stack platform offering leasing and asset management for commercial EV users. The company’s services extend beyond leasing, encompassing charging infrastructure, fleet servicing, real-time monitoring, and actionable insights. These integrated solutions aim to optimize fleet performance, minimize ownership costs, and maximize uptime.
Currently, ALT Mobility operates a fleet of 10,000 vehicles across 20 cities in India. Its leasing solutions are tailored for fleet operators and logistics providers, enabling them to transition to EVs effortlessly while reducing their carbon footprint.
ALT Mobility is not stopping at traditional leasing models. The company is exploring innovative solutions tailored for the driver-cum-owner market, such as “drive-to-own” options and leasing products for light commercial vehicles and passenger cars. By diversifying its offerings, ALT Mobility aims to address the unique needs of a broader customer base while fostering the adoption of sustainable transportation.
The recent funding round highlights the growing investor confidence in ALT Mobility’s potential to transform intra-city logistics with electric mobility solutions. With its robust ecosystem of leasing, battery management, and data-driven insights, the company is positioned to play a significant role in reducing emissions and promoting sustainable logistics in India.
As the EV market in India continues to expand, ALT Mobility’s commitment to innovation and scalability positions it as a leader in the commercial EV leasing sector, paving the way for a greener and more efficient future
