In a recent funding round, Alt Mobility, a technology-driven electric vehicle (EV) leasing and lifecycle management platform, raised $6 million. The investment was co-led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam, with additional contributions from UC Inclusive, Piper Serica, Pitchright, and LetsVenture, comprising a combination of equity and venture debt.

Alt Mobility has outlined its strategic utilization of the funds, primarily focusing on expanding its engineering team to enhance its EV asset management platform, FleetOS. The startup aims to propel its growth initiatives and extend its footprint to more than 20 cities, with a targeted Asset Under Management (AUM) of $100 million within the next two years.

Established in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta, Alt Mobility is dedicated to fostering the rapid adoption of EV fleets through comprehensive asset management services. The company emphasizes delivering a seamless and integrated experience, ensuring the lowest total cost of ownership and maximum fleet uptime for its clients.

Alt Mobility has ambitious plans to diversify its offerings to fleets, including introducing new verticals such as a drive-to-own model, parametric insurance, fleet depots for parking and charging facilities, and a battery refurbishment unit.

The strategic investment from Shell Ventures and other prominent partners underscores the industry’s confidence in Alt Mobility’s innovative electric vehicle fleet management approach. As the company positions itself for accelerated growth and the introduction of new services, it aims to play a pivotal role in driving sustainable and efficient solutions for the evolving electric mobility landscape.