With the help of Shell Ventures, Twynam Earth Fund, and EV2 Ventures, among other current investors, Alt Mobility has raised $10 million in a Series A fundraising round lead by Eurazeo, a European VC and PE fund.
By March 2026, the company is expected to have 30,000 vehicles in its fleet and handle INR 800 crores in assets under management (AUM), which is a four-fold increase over the next 18 months. The business will also make investments to further battery technology standardization and enhance the functionality of its digital asset management platform.
In order to encourage car ownership, Alt Mobility intends to quickly expand its product line to include cutting-edge “drive to own” solutions for the Driver Cum Owner market. The business recently introduced battery as a service model (BaaS) for used automobiles and four-wheeler light commercial vehicles (LCVs).
“We appreciate our current investors’ strong support of our goal of accelerating the adoption of electric vehicles,” Alt Mobility CEO and co-founder Dev Arora remarked. “To lower the total cost of ownership of EVs, we are ready for the next stage of growth, which will involve opening up new markets and product lines as well as deeper ecosystem integrations with our partners.”
“We are thrilled to lead this Series A round and bolster our support for the Alt Mobility team,” said Ernest Xue, Director at Eurazeo and board member at Alt Mobility, together with Julien Mialaret, Operating Partner, and Matthieu Bonamy, Partner at Eurazeo. Alt Mobility has demonstrated robust, consistent growth and expanded its influence since our last investment in the company. The urgent need for easily accessible, effective, and environmentally friendly transportation in India one of the most dynamic marketplaces in the world—is amply addressed by Alt Mobility’s strategy for the operational leasing and asset management of electric vehicles. As the team continues to develop innovative solutions that not only cut harmful emissions but also open up promising new economic opportunities in India, we are thrilled to extend our support for them.
“After our initial investment in 2023, Shell Ventures is thrilled to be a part of Alt Mobility’s Series A raise,” said Christine Vincent, a board member of Alt Mobility and a venture principal at Shell Ventures. Alt Mobility has rapidly and profitably expanded into broader product categories over the last 12 months, introducing creative financing options catered to individual clientele. Alt’s products make it easier for fleet managers and driver/owners to switch to electric cars. In India, where there is potential for widespread EV adoption, Alt, together with the other firms in our portfolio, is expected to be a key player in advancing our e-mobility plan.
