Samreen Ahmad · · 2 min readIndian EV leasing firm charges up with $6m funding
The Alt Mobility team / Photo credit: Alt Mobility
In the electric vehicle space, manufacturing the vehicles themselves has been the top priority for startups and investors. But for EV adoption to truly take off like gasoline-powered vehicles, there’s a whole host of supporting verticals that also need to exist.
One example is Alt Mobility, an India-based EV leasing and lifecycle management platform. The company supports EV adoption by offering affordable financing solutions, among other things.
To that end, Alt Mobility has raised US$6 million in a funding round co-led by Shell Ventures, Eurazeo, Ev2 Ventures, and Twynam. The round, a mix of equity and venture debt, also saw participation from UC Inclusive Credit, Piper Serica, PitchRight Ventures, and LetsVenture.
Founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta, Alt Mobility focuses on the two-wheeler and three-wheeler categories for its EV leasing solutions. It also provides insurance, maintenance and roadside services, as well as charging and parking hubs.
The fresh capital will be used for hiring an engineering team to scale FleetOS, its EV asset management platform. It will also launch new verticals, such as a drive-to-own model, fleet depots for parking and charging, and a battery refurbishment unit.
The company aims to achieve US$100 million in assets under management over the next two years, up from the current US$12 million.
See also: Indonesia’s early EV pioneers are making ground but vulnerable to disruptors
Editing by Putra Muskita and Dhania Putri Sarahtika
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