Alt Mobility raises $10 million from Eurazeo, other investors

Commercial EV leasing and plus absorption steadfast Alt Mobility connected Wednesday said it has secured $10 cardinal backing successful a Series A circular led by European VC and PE funds and existing investor, Eurazeo.

The latest backing circular besides saw the information from different investors including Shell Ventures, Twynam Earth Fund and EV2 Ventures, Alt Mobility said.

The caller superior infusion would assistance the institution successful its adjacent signifier of maturation including expanding the capabilities of its integer plus absorption level and driving standardization of artillery technology, among others, it said.

"Alt Mobility has secured $10 cardinal successful a Series A backing circular led by existing capitalist Eurazeo, and (it also) saw information from different existing investors including Shell Ventures, Twynam Earth Fund and EV2 Ventures," the institution said.

Alt Mobility presently owns a fleet of 10,000 vehicles crossed 20 cities successful India leased to fleet operators and idiosyncratic drivers.

The institution said it is well-positioned to grow its fleet to 30,000 vehicles by March 2026 and negociate an Asset Under Management (AUM) of Rs 800 crores' ?representing a 4x maturation of its existent plus basal implicit the adjacent 18 months.

"We are grateful for the beardown ballot of assurance from our existing investors successful our ngo to accelerate the adoption of electrical vehicles. We are charged up for the adjacent signifier of maturation - unlocking caller markets and products, deeper ecosystem integrations with our partners to thrust down the full outgo of ownership of EVs," said Dev Arora, Co-founder and CEO of Alt Mobility.

The institution besides said it plans to besides rapidly turn its offerings to the driver-cum-owner conception with innovative "drive to own" options to beforehand conveyance ownership.

Alt Mobility precocious launched leasing products for 4-wheeler airy commercialized vehicles (LCVs) and cars and battery-as-a-service exemplary (BaaS) for second-life vehicles.

With an integrated leasing and plus absorption solution, Alt Mobility offerings see servicing, charging, and real-time fleet monitoring and diagnostics.