Alt Mobility, an Indian company specializing in commercial EV leasing and management, has raised US$10 million in a series A funding round.

The investment was led by Eurazeo, with participation from Shell Ventures, Twynam Earth Fund, and EV2 Ventures.

Alt Mobility currently manages a fleet of 10,000 EVs across 20 Indian cities. The company aims to expand this fleet to 30,000 vehicles by March 2026.

The funding will support scaling its digital asset management platform, improving battery technology, and expanding leasing options. Plans include enhancing leasing products for four-wheeler light commercial vehicles and services for second-life vehicle batteries.

Founded in March 2022, Alt Mobility offers integrated services such as fleet monitoring, diagnostics, charging solutions, and servicing to aid EV transitions.