- Indian EV leasing startup Alt Mobility raises $6M to expand financing solutions.
- Funding to boost offerings like affordable leases and insurance, removing adoption barriers.
- Alt Mobility manages $12M in assets but targets $100M by 2025 as India charges ahead.
Financing EV’s
While India’s electric vehicle shift accelerates, enabling secondary industries now gain prominent funding like Alt Mobility – a startup offering integrated financing and lifecycle management solutions for EV owners.
This week, the India-based platform secured a $6 million funding round led by Shell Ventures and Eurazeo to expand offerings like affordable leasing and insurance.
Alt Mobility aims to bolster adoption by removing cost barriers by supporting two- and three-wheeler categories.
Uses of funds
The fresh capital will fuel hiring engineering talent to scale the proprietary FleetOS asset management and monitoring system for EVs.
Founders also plan new drive-to-own financing options in addition to parking and charging depot infrastructure investments.
“This funding validates our thesis of providing access to financing to accelerate mainstream EV adoption,” said co-founder Dev Arora on the diverse investor group.
Targeting $100m in assets
Founded in 2021, Alt Mobility currently oversees $12 million in assets but targets managing $100 million by 2025.
India charges ahead on electric mobility, and Alt Mobility looks to accelerate access by providing necessary solutions around EV fleet lifecycle management at scale using specialized digital tools.
