Alt Mobility Secures $10 Million in Series A Funding
We are excited to share a significant milestone in India’s EV ecosystem. Alt Mobility has successfully raised $10 million in Series A funding led by European VC firm Eurazeo. The round also saw participation from existing backers Shell Ventures, Twynam Earth Fund, EV2 Ventures, as well as PitchRight Ventures Global Opportunities Fund, reflecting strong investor confidence in Alt Mobility’s vision and execution.
About Alt Mobility
Founded in 2021, Alt Mobility has quickly emerged as a leader in commercial EV leasing and asset management, with a fleet of 10,000 vehicles operating across 20 Indian cities. Their full-stack platform goes beyond leasing, covering servicing, charging, real-time monitoring, and data-driven insights to ensure lower total cost of ownership and maximum uptime for operators.
Growth Plans With Fresh Capital
With this fresh capital, Alt Mobility aims to:
- Expand its fleet to 30,000 vehicles by March 2026
- Scale its asset under management (AUM) to ₹800 crore in the next 18 months
- Invest in digital asset management and standardised battery technology
- Roll out new offerings such as “drive to own” plans, leasing for four-wheeler light commercial vehicles, and a Battery-as-a-Service (BaaS) model for second-life EVs.
Leadership Commentary
Commenting on the development, Dev Arora, Co-founder and CEO of Alt Mobility, said:
“We are grateful for the strong vote of confidence from our existing investors in our mission to accelerate the adoption of electric vehicles. We are charged up for the next phase of growth, unlocking new markets and products, deeper ecosystem integrations with our partners to drive down the total cost of ownership of EVs.”
Investor Perspective
At PitchRight Ventures, we see this raise as more than just funding. It is a catalyst for the wider adoption of sustainable transportation in India.
Our partner Amit shared his perspective on this milestone:
“Alt Mobility’s growth story is a strong example of how the EV ecosystem in India is maturing. This round not only validates their model but also highlights how strategic innovation in leasing and asset management can truly accelerate EV adoption at scale.”
Looking Ahead
We are proud to support Alt Mobility in this journey and look forward to their continued leadership in enabling cleaner, smarter, and more accessible transportation solutions across India.