Alt Mobility, an integrated EV leasing and lifecycle management platform, targets doubling its ₹100 crore asset under management (AUM) and intends to have 10,000–12,000 electric vehicles deployed by the financial year-end, according to Dev Arora, Co-founder & CEO, Alt Mobility.
Born out of IIT Delhi’s incubator cell, the startup identified the hefty CAPEX as a hurdle for EV adoption and introduced a leasing model for fleet operators, countering the traditional CapEx approach. According to Arora, the co-leasing structure coupled with asset management capabilities is essentially helping shift people to this segment.
Asset Under Management
Present in eight cities, it has over 6,500 EVs on the ground with ₹100 crore AUM, where 80 per cent is on its balance sheet and 20 per cent is with leasing partners. Future partnerships with top private banks and leasing companies are expected to bring in a $20 million debt pipeline for the next quarter.
Additionally, the startup has also secured funding in its pre-series A round, to be announced next month.
“We should be touching 10,000 to 12,000 vehicles by the end of the financial year and are going to double our AUM in the next quarter before the close of this financial year. By September, we should have somewhere around Rs. 250 crore in AUM,” he told businessline.
The emphasis on fleet leasing stems from the expectation that fleets will lead the transition to 100 per cent EVs.
Speaking about the country’s EV ecosystem, Arora noted that OEMs are producing great vehicles, and lots of charging infrastructure is being deployed; however, access to finance is the missing piece. “So, to address this bottleneck, we created a model that will help in the mass adoption of electrification of fleets, wherein vehicles are leased in exchange for a monthly rental fee,” he added.
From the OEM end, it has partnered with players, including BYD, Tata Motors (commercial segment and car division), and Ecom Mobility in the four-wheeler space and will soon be onboarding MG Motors.
Beyond leasing, it also offers integrated maintenance and repair services as an integral part of its lease and will soon be launching hubs that include charging and parking, working in collaboration with partners, the CEO said.
In addition, the start-up will introduce a new segment focused on leasing to drivers through adopting a “buy now, pay later” model with weekly or monthly payments, a small security deposit, and a 36-month lease period, allowing pre-closure by advanced payment. The model simplifies costs with manageable monthly instalments, and drivers can apply via the app with instant KYC for brand-new vehicles.