EV leasing and lifecycle management platform Alt Mobility has secured $10 million (around INR 84.3 crore) in a Series A funding round led by Eurazeo, a European venture capital and private equity fund.
Existing investors, including Shell Ventures, Twynam Earth Fund, and EV2 Ventures, also participated in the round.
The funds will be utilized to scale Alt Mobility’s fleet to 30,000 electric vehicles (EVs) by March 2026, expand asset management to ₹800 crore AUM over 18 months, and drive standardization in battery technology.
Additionally, the startup plans to introduce innovative leasing products like “drive-to-own” models for driver-cum-owner segments and Battery-as-a-Service (BaaS) offerings for second-life vehicles.
About Alt Mobility:
Founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta, Alt Mobility offers a full-stack EV leasing platform delivering Mobility-as-a-Service (MaaS) to businesses and individuals.
The startup currently operates a fleet of 10,000 vehicles across 20 cities and provides services including leasing, servicing, charging, real-time fleet monitoring, and data-driven insights aimed at reducing ownership costs and maximizing fleet uptime.
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Speaking on the milestone, Dev Arora, Co-founder and CEO, expressed gratitude for investor support:
“We are grateful for the strong vote of confidence from our existing investors in our mission to accelerate the adoption of electric vehicles. 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.”
Earlier this year, Alt Mobility raised $6 million in a Pre-Series A round co-led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam Earth Fund.
The startup has also rolled out leasing options for four-wheeler light commercial vehicles (LCVs) and passenger cars while introducing BaaS models for vehicles nearing the end of their lifecycle.
