EV leasing and lifecycle management firm Alt Mobility has raised $10 million (about Rs 840 crore) in a Series A round that was led by some of its existing backers, including European venture capital firm Eurazeo.
The latest investment round comes months after the New Delhi-based startup in January raised $6 million in an equity-cum-debt funding round co-led by Eurazeo, Shell Ventures, EV2, and Twynam.
The corporate VC arm of the Dutch energy giant Shell Ventures, EV2 Ventures, and Twynam also participated in the Series A round.
Alt Mobility, which currently owns a fleet of 10,000 electric vehicles across 20 cities in India and has leased them to operators and individual drivers, Wednesday said it is well placed to expand its fleet to 30,000 vehicles by March 2026 and grow its assets under management (AUM) by a factor of four to Rs 800 crore in the next 18 months.
“We are charged up for the next phase of growth - unlocking new markets and products, deeper ecosystem integrations with our partners to drive down the total cost of ownership of EVs,” said Dev Arora, co-founder and CEO of Alt Mobility.
The company plans to "rapidly grow" its offerings to the drive-to-own options to promote vehicle ownership. Alt Mobility said that it recently launched the leasing of products for four-wheelers like light commercial vehicles (LCVs) and cars, and battery as a service (BaaS) model for second-life vehicles.
It was founded in 2021 by Arora, Anuj Gupta, Manas Arora, Harsh Goyal and Jayant Gupta. Its platform provides complete lifecycle management of electric fleets, combining leasing with insurance, roadside service, maintenance, charging and parking hubs.