Alt Mobility Raises $10 Million in Series A Funding Round
- ByStartupStory | November 27, 2024
Alt Mobility, a commercial electric vehicle (EV) leasing and asset management company, has successfully raised $10 million in its Series A funding round. The round was led by Eurazeo, a prominent European venture capital and private equity fund. Other investors included Shell Ventures, Twynam Earth Fund, and EV2 Ventures.
The company plans to use the fresh funding to scale its operations, expand its fleet, and strengthen its ecosystem integrations. Commenting on the development, Dev Arora, Co-founder and CEO of Alt Mobility, said: “We are positioned for the next phase of growth and aim to expand into new markets, products, and deeper ecosystem integrations with our partners to drive down the total cost of ownership of EVs.”
Alt Mobility aims to increase its fleet size to 30,000 vehicles by March 2026 and target assets under management (AUM) of ₹800 crore within the next 18 months.
Founded in 2022, the company offers innovative leasing solutions and technology platforms that help fleet operators optimize operations, reduce costs, and transition seamlessly to EVs. Prior to this round, Alt Mobility raised $6 million in funding co-led by Shell Ventures, Eurazeo, Twynam Earth Fund, and EV2 Ventures.
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