Alt Mobility, a pioneering player in electric vehicle (EV) fleet management, has successfully raised $6 million (approximately INR 50 Crore) in a Pre-Series A funding round. The funding was co-led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam, with participation from UC Inclusive, Piper Serica, Pitchright, and LetsVenture. The funding, a mix of debt and equity infusion, is earmarked for scaling Alt Mobility’s EV asset management platform, FleetOS.
Founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta, Alt Mobility specializes in accelerating the adoption of EV fleets through comprehensive asset management. FleetOS aims to provide a hassle-free and integrated experience, unlocking the lowest total cost of ownership and ensuring maximum fleet uptime for businesses, resulting in enhanced predictability and operational certainty.
Alt Mobility intends to utilize the fresh capital to expand its engineering team, driving the growth of FleetOS. The startup plans to introduce new verticals for fleets, including a drive-to-own model, parametric insurance, fleet depots (parking and charging), and a battery refurbishment unit.
In addition, Alt Mobility aims to accelerate its growth plans and expand its presence to over 20 cities, with the goal of achieving an Asset Under Management (AUM) of $100 million (approximately $8.3 billion) within the next two years.
Alt Mobility’s fleet lease solution integrates leasing with insurance, roadside service, maintenance, charging, and parking hubs, offering a comprehensive lifecycle management solution for electric fleets. Since initiating EV leasing in April 2022, the startup reports scaling to an AUM of $12 million (INR 100 Crore), covering leased electric two-wheelers, three-wheelers, four-wheelers, and chargers.
Dev Arora, co-founder of Alt Mobility, expressed gratitude for the investors joining the board, emphasizing their recognition of the significant growth opportunity in India’s EV sector. Christine Vincent, Venture Principal at Shell Ventures, highlighted that Alt Mobility’s vision aligns with Shell Ventures’ commitment to advancing sustainable and efficient transportation solutions in the region.
Alt Mobility aims to position itself as the largest proprietary EV fleet provider in India by 2025.
