Electric vehicle (EV) leasing and lifecycle management company Alt Mobility has raised an investment of $6 million from Shell Ventures, Eurazeo, EV2 Ventures and Twynam.

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 to hire an engineering team to scale its EV asset management platform, FleetOS. Further, it also be launching new verticals for fleets, including the drive-to-own model, parametric insurance, fleet depots (parking and charging), and battery refurbishment units.

In addition, the EV leasing and lifecycle management platform intends to accelerate its growth plans and embark on expanding its presence in over 20 cities, aiming to achieve an AUM of $100 million in the next two years.

“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 to electrifying commercial fleets. The investors joining our board recognize the immense growth opportunity in the EV sector in India and will bring in their global and India experience in achieving our mission,” said Dev Arora, CEO, Alt Mobility.

According to Christine Vincent, venture principal at Shell Ventures, the startup’svision to further the electrification of fleets in India aligns with their commitment to advance the development of sustainable and efficient transportation solutions in the region. 

“Today, one of the main barriers for fleets to transition to EVs is the lack of affordable financing options. Alt’s model caters to this gap and helps business owners accelerate their electrification journey,” he added. 

By 2025, Alt Mobility is aiming to offset their fleet’s cumulative CO2 emissions by 400,000 MT of lifetime CO2, reinforcing their commitment to sustainable mobility.

Ernest Xue, Director at Eurazeo Venture Smart City, said, ”The electrification of mobility is significant to the decarbonization of transportation and the improvement of pollution in India, all while driving job creation and inclusive economic growth across demographics. Our investment in Alt Mobility signifies our belief that sustainable products emerging from the nexus of mobility, energy, and data will be transformative for one of the deepest and fastest-growing markets in the world.”