ALT Mobility, a leading commercial electric vehicle (EV) leasing and asset management company, has successfully raised $10 million in a Series A funding round. The round was led by European venture capital firm Eurazeo, with participation from existing investors Shell Ventures, Twynam Earth Fund, and EV2 Ventures. This funding comes on the heels of the company’s earlier raise of $6.45 million from its current backers.

The Delhi-based startup plans to utilize the proceeds to enhance its digital asset management platform, standardize its battery technology, and expand its fleet to 30,000 vehicles by March 2026. Additionally, ALT Mobility aims to manage Rs 800 crore in assets under management (AUM) over the next 18 months.

Co-founded in 2021 by Dev Arora, Anuj Gupta, Harsh Dev Goyal, Jay Gupta, and Manas D Arora, ALT Mobility is transforming the way commercial vehicles are leased, providing a comprehensive, full-stack electric mobility service. The company focuses on reducing the carbon footprint of intra-city logistics while simultaneously improving profitability for fleet operators.

ALT Mobility’s platform simplifies EV financing and offers a reliable technology ecosystem, which includes vehicle leasing, servicing, charging infrastructure, real-time fleet monitoring, and data-driven insights. The company currently operates a fleet of 10,000 vehicles across 20 cities in India, leased to fleet operators and drivers.

Looking ahead, ALT Mobility plans to broaden its service offerings, with the introduction of “drive-to-own” options and leasing solutions for light commercial vehicles and cars. Additionally, the company is preparing to roll out a Battery-as-a-Service (BaaS) model aimed at second-life EVs.

This funding boost positions ALT Mobility to strengthen its role in India’s growing EV ecosystem, accelerating the transition to sustainable and efficient electric mobility for commercial fleets.