Delhi-based commercial EV leasing and asset management startup ALT Mobility has raised $10 million in a Series A funding round led by European venture capital firm Eurazeo. Existing investors, including Shell Ventures, Twynam Earth Fund, and EV2 Ventures, also participated in the round.
This funding follows a previous investment of $6.45 million from its existing backers. ALT Mobility plans to utilize the funds to enhance its digital asset management platform, standardize battery technology, and expand its fleet to 30,000 vehicles by March 2026. Additionally, the company aims to manage assets worth ₹800 crore over the next 18 months.
Founded in 2021 by Dev Arora, Anuj Gupta, Harsh Dev Goyal, Jay Gupta, and Manas D Arora, ALT Mobility offers a full-stack EV leasing platform tailored for commercial users. The startup provides comprehensive services, including leasing, maintenance, charging, and real-time fleet monitoring, enabling businesses to transition smoothly to electric mobility while reducing costs and carbon emissions.
Currently, ALT Mobility operates a fleet of 10,000 vehicles across 20 cities in India, supporting fleet operators and drivers with data-driven insights and maximum fleet uptime.
The company also plans to expand its portfolio by introducing innovative “drive-to-own” options for drivers, leasing solutions for four-wheeler light commercial vehicles, and a Battery-as-a-Service (BaaS) model for second-life vehicles. These initiatives aim to strengthen ALT Mobility’s position in the growing EV market while empowering the driver-cum-owner segment.