New Delhi-based Alt Mobility, an electric vehicle (EV) leasing and lifecycle management startup, has raised $10 million (approximately INR 84.3 crore) in a Series A funding round led by existing investor Eurazeo. The round also saw participation from Shell Ventures, Twynam Earth Fund, and EV2 Ventures.
Founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta, Alt Mobility provides a full-stack EV leasing platform, offering mobility-as-a-service (MaaS) to both businesses and individuals. The company currently operates a fleet of 10,000 electric vehicles across 20 cities in India, offering services like real-time fleet monitoring, diagnostics, and recently introduced leasing products for light commercial vehicles and battery-as-a-service (BaaS) for second-life EVs.
With the new capital, Alt Mobility plans to expand its fleet to 30,000 vehicles in the next two years and increase its asset under management (AUM) to INR 800 crore. The company also aims to drive standardization in battery technology and strengthen its offerings in the driver-cum-owner vertical.
“We are charged up for the next phase of growth—unlocking new markets, launching new products, and enhancing ecosystem partnerships to reduce the total cost of ownership of electric vehicles,” said Dev Arora, CEO of Alt Mobility.
Alt Mobility’s funding success aligns with the growing investor interest in India’s electric mobility sector, with startups like Ather Energy, BluSmart, and Exponent Energy gaining traction for their sustainable mobility solutions. The Indian EV market is projected to reach $110.74 billion by 2029, fueling further innovation in the space.
