ALT Mobility’s $10 Million Milestone
Delhi-based ALT Mobility, a commercial electric vehicle (EV) leasing and asset management company, has secured $10 million in Series A funding. Leading the round was European venture capital firm Eurazeo, joined by Shell Ventures, Twynam Earth Fund, and EV2 Ventures. This funding positions ALT Mobility to expand its footprint in India’s rapidly growing electric mobility sector.
A Full-Stack Solution for Sustainable Logistics
Established in 2021, ALT Mobility offers a comprehensive EV leasing platform designed to cater to commercial vehicle users. Positioned as a mobility-as-a-service (MaaS) provider, the company helps businesses transition to sustainable transport solutions, emphasizing reduced carbon emissions and enhanced profitability.
Scaling Operations and Pioneering Technology
With its new funding, ALT Mobility aims to scale its fleet to 30,000 vehicles by March 2026 and manage assets valued at approximately ₹800 crore ($96 million) over the next 18 months. Plans include upgrading its digital asset management system and standardizing battery technology to streamline operations. The company’s current fleet of 10,000 vehicles operates in 20 cities, offering services like leasing, maintenance, charging, and real-time monitoring.
Transformative Leasing Models and Battery Solutions
ALT Mobility is introducing innovative leasing programs tailored to individual drivers, such as the “drive-to-own” initiative, which enables drivers to transition to vehicle ownership. The company is also exploring a Battery-as-a-Service (BaaS) model for second-life vehicles, aiming to enhance flexibility and sustainability in battery usage.
Pioneering India’s Electric Mobility Revolution
India’s electric mobility sector is flourishing, bolstered by government policies and incentives that encourage EV adoption. ALT Mobility is strategically positioned to capitalize on this momentum, offering cost-effective and sustainable solutions to meet the rising demand.
As ALT Mobility scales its operations and diversifies its services, it is poised to shape the future of India’s commercial transportation sector, driving the shift toward greener logistics solutions.