Alt Mobility Raises $10 Million in Series A Funding to Accelerate EV Adoption

Alt Mobility, a commercial EV leasing and asset management firm, has successfully secured $10 million in Series A funding, led by Eurazeo along with participation from Shell Ventures, Twynam Earth Fund, and EV2 Ventures. This fresh capital will fuel the company’s growth and enhance its capabilities in digital asset management and battery standardization.

With a fleet of 10,000 vehicles across 20 cities in India, Alt Mobility is well-positioned to expand its fleet to 30,000 vehicles by March 2026. The company also plans to grow its Asset Under Management (AUM) to ₹800 crores, representing a 4x growth over the next 18 months.

Dev Arora, Co-founder and CEO of Alt Mobility, expressed gratitude for the strong support from investors, saying, "We are charged up for the next phase of growth — unlocking new markets and products, deepening ecosystem integrations with our partners, and driving down the total cost of ownership of EVs."

The new funding will support Alt Mobility’s mission to enhance its digital asset management platform, improve battery technology standardization, and expand its "drive-to-own" options for the driver-cum-owner segment. These efforts will help promote vehicle ownership and further the adoption of electric vehicles.

In addition to its existing offerings, which include 4-wheeler light commercial vehicle (LCV) leasing, battery-as-a-service (BaaS) for second-life vehicles, and real-time fleet monitoring, Alt Mobility aims to revolutionize the EV ecosystem with integrated services such as servicing, charging, and fleet diagnostics.

This latest round of funding marks a significant step in Alt Mobility’s journey to become a key player in India’s EV leasing and asset management sector, contributing to the accelerated adoption of electric vehicles across the country.