Alt Mobility, an India-based technology-enabled electric vehicle (EV) leasing and lifecycle management platform, has announced that it has raised $6 million in funding.

The funding is co-led by Shell Ventures, Eurazeo, EV2 Ventures and Twynam, Alt Mobility said in a statement on Thursday.

The round also saw participation from UC Inclusive, Piper Serica, Pitchright and LetsVenture in a mix of equity and venture debt.

According to the statement, the capital will be used for hiring an engineering team to scale its electric vehicle (EV) asset management platform FleetOS.

The company would also be launching new verticals for fleets including drive-to-own model, parametric insurance, fleet depots (parking and charging), battery refurbishment uUnit.

The company further intends to accelerate its growth plans and embark on expanding its presence in over 20+ cities aiming to achieve an asset under management (AUM) of $100 million in the next two years.

The company also said it is on track to become the largest proprietary EV fleet provider in the country.

By 2025, Alt Mobility is aiming their fleet’s cumulatively will offset 400,000 tonnes of lifetime carbon dioxide emissions, reinforcing their commitment to sustainable mobility.

“With their faith in Alt Mobility, investors across four continents are confident in the growth of the EV ecosystem in India and our integrated approach of electrifying commercial fleets,

“The investors joining our board recognize the immense growth opportunity in the EV sector in India and will bring in their global and India experience in achieving our mission,” said Dev Arora, Chief Executive Officer, Alt Mobility.

Alt Mobility is an electric fleet leasing platform offering a full stack of services to facilitate the seamless transition of urban logistics fleets to electric mobility through leasing solutions.

The core of Alt Mobility’s fleet lease solution integrates leasing with a spectrum of essential services, including insurance, roadside assistance, maintenance, and dedicated charging and parking hubs.

This approach ensures the complete lifecycle management of electric fleets, addressing the various needs and challenges associated with electric vehicle (EV) adoption.

Since commencing its electric vehicle leasing operations in April 2022, Alt Mobility has achieved significant growth, amassing AUM totaling $12 million.

This portfolio encompasses a diverse range of leased electric two-wheelers (e2W), electric three-wheelers (e3W), electric four-wheelers (e4W), and associated charging infrastructure.

“Alt Mobility’s vision to further the electrification of fleets in India aligns with our commitment to advance the development of sustainable and efficient transportation solutions in the region,” said Christine Vincent, Venture Principal at Shell Ventures.

“Today, one of the main barriers for fleets to transition to EVs is the lack of affordable financing options. Alt’s model caters to this gap and helps business owners accelerate their electrification journey,

“We are excited to work with Alt Mobility towards a more sustainable mobility future for India,” she added.

Ernest Xue, Director at Eurazeo Venture Smart City, said that the electrification of mobility is significant to the decarbonization of transportation and improvement of pollution in India, all while driving job creation and inclusive economic growth across demographics.

“Our investment into Alt Mobility signifies our belief that sustainable products emerging from the nexus of mobility, energy and data will be transformative for one of the deepest and fastest-growing markets in the world,” he added.

Matthieu Bonamy, partner at Eurazeo Venture, said that as a global investor that has supported the growth of deep EV ecosystems in both China and Europe, the firm is committed to partnering with driven entrepreneurs working on unlocking the different chokepoints that hinder such progress and enable more sustainable cities.

Karan Mittal, General Partner of EV2 Ventures, sai that Alt Mobility aligns seamlessly with the firm’s central thesis by directly contributing towards the advancing of the clean mobility ecosystem, with its innovative approach of offering affordable financing solutions and robust asset lifecycle management.

Jonathan Green, Investment Director at Twynam Earth Fund, said that the team at Alt have delivered on lower cost operating leases, removing friction from the transition to electric for operators.

“Their tenacity has been clear from day one and we at Twynam are excited to support their journey toward decarbonising India’s massive fleet of vehicles,” he added.

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