Alt Mobility raises $6mn in Funding Co-led by Shell Ventures, Eurazeo, EV2 and Twynam
Summary
The round also saw participation from UC Inclusive, Piper Serica, Pitchright and LetsVenture in a mix of equity and venture debt.The capital will be used for hiring an engineering team to scale its EV asset management platform FleetOS. The company further intends to accelerate its growth plans and embark on expanding its presence in over 20+ cities aiming to achieve an AUM of $100mn in the next two years.Founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal and Jayant Gupta, Alt Mobility has been a catalyst for the EV ecosystem, enabling rapid EV fleet adoption through asset management for fleets, providing hassle free and integrated experience, and unlocking lowest total cost of ownership and maximum fleet uptime, resulting in business certainty and predictability.Sharing the development, Dev Arora, CEO, Alt Mobility said, "With their faith in Alt Mobility, investors across four continents are confident in the growth of the EV ecosystem in India and our integrated approach of electrifying commercial fleets. "Ernest Xue, Director at Eurazeo Venture Smart City said, "The electrification of mobility is significant to the decarbonization of transportation and improvement of pollution in India, all while driving job creation and inclusive economic growth across demographics. "General Partner, EV2 Ventures Karan Mittal said, "Alt Mobility aligns seamlessly with our central thesis by directly contributing towards the advancing of the clean mobility ecosystem, with its innovative approach of offering affordable financing solutions and robust asset lifecycle management. Their tenacity has been clear from day one and we at Twynam are excited to support their journey toward decarbonising Indias massive fleet of vehicles.