The round also saw participation from other existing investors including Shell Ventures, Twynam Earth Fund and EV2 Ventures.
The funds will be used to expand its fleet, enhance capabilities of its digital asset management platform and drive standardisation of battery technology.
“The objective is to use the capital to grow our fleet size to up to 30,000 vehicles by March 2026. In addition, we will focus on building extensive capabilities for the digital monitoring of these vehicles.” cofounder and chief executive Dev Arora told ET.
The company currently operates in 20 cities across India with a fleet of 10,000 vehicles, which are leased to both fleet operators and individual drivers.
Founded in 2022, Alt Mobility offers leasing solutions that help businesses and fleet operators in transitioning to electric vehicles. According to the company, its technology solutions enable fleets to optimise operations, reduce costs and promote sustainable growth.
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“We are seeing significant growth in the penetration of EVs, with the three-wheeler segment accounting for over 25% of all EV sales,” Arora said.According to Arora, the Delhi-based startup has expanded into tier II and tier III cities, targeting individual drivers. It has also introduced leasing products for four-wheeler light commercial vehicles (LCVs) and cars and battery as a service model (BaaS) for second life vehicles.
Commenting on the investment, Ernest Xue, director at Eurazeo and board member at Alt Mobility said, “Since our previous investment in Alt Mobility, the company has continued to show strong sustainable growth and scale its impact. Alt Mobility’s approach to the operational leasing and asset management of electric vehicles clearly addresses the pressing need for accessible, efficient, and sustainable transportation in India, one of the world’s most dynamic markets.”
“From fleet operators to driver cum owners, Alt’s offerings help simplify their transition to electric vehicles. India has potential for large-scale EV adoption, and together with our other portfolio companies, we believe Alt will play a significant role in driving our e-mobility strategy in this market,” said Christine Vincent, venture principal at Shell Ventures and board member at Alt Mobility.