ALT Mobility Secures $6 Million Investment from Shell Ventures, Eurazeo, EV2, and Other Investors
ALT Mobility, an EV leasing and lifecycle management platform, has successfully secured $6 million in a funding round. This round saw the joint leadership of Shell Ventures, Eurazeo, EV2 Ventures, and Twynam and included contributions from UC Inclusive, Piper Serica, Pitchright, and LetsVenture.
Delhi-based ALT Mobility intends to allocate this capital towards recruiting an engineering team for FleetOS, its electric vehicle (EV) asset management platform. Additionally, the company is set to introduce new fleet categories, including drive-to-own schemes, parametric insurance, fleet depots, and a recycling division.
Since April 2022, ALT Mobility has witnessed significant growth in its assets under management (AUM), which encompasses leased electric vehicles ranging from two-wheelers to four-wheelers, as well as chargers, reaching a value of $12 million. The company is targeting an ambitious AUM goal of $100 million within the next two years, aiming to expand its operations across over 20 cities.
“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,”
said Christine Vincent, Venture Principal at Shell Ventures.
Alt Mobility is a company that was founded in 2021 and provides electric vehicles as a service (EVaaS) for commercial fleets. It offers integrated fleet leasing solutions that include vehicle selection, financing, insurance, maintenance, charging, and fleet management. Alt Mobility aims to help fleet operators transition to electric mobility, reduce their carbon footprint, and improve their profitability.
For the whole lifecycle management of electric fleets, it offers fleet leasing solutions that include insurance, roadside assistance, maintenance, charging, and parking hubs.