Alt-Mobility Raises

Delhi-based and IIT Delhi-incubated EV-as-a-service company Alt-Mobility has raised an undisclosed amount of capital from Beyond Capital Ventures. This is the company’s fifth capital raise, the last one being a USD 10 million round raised in November 2024 from VC firm Eurazeo.

Alt-mobility also counts Pitchright Ventures, Ev2 Ventures, Shell Ventures, Twynam Agricultural Group, and Piper Serica Angel Fund in its captable.

Cumulatively, Alt-Mobility has raised more than USD 16 million to date, apart from undisclosed debt raised in January 2024.

While comparisons with another Delhi-based player, Zypp Mobility, are natural, they have a different business model. Alt-Mobility manages EV fleets, while Zypp has been focused on deploying E2Ws and E3Ws. In fact, both companies have collaborated in the past.

Alt-Mobility also has an agreement with Yamaha Motors’ Bengaluru-based leasing company, Moto Business Service India (MBSI). Under the agreement, MBSI has funded 500 vehicles that are being managed by Alt-Mobility.

The Alt-Mobility Fleet

Alt-Mobility calls itself a full-stack player in the EV-as-a-service business in India. It deploys electric scooters, three-wheelers (both passenger and cargo), mini trucks, and even electric cars.

On the vehicle side, the company covers a wide range of user cases, deploying scooters from Ather, TVS, BGauss, Quantum, and Kinetic Green.

On the cargo three-wheeler front, Alt-Mobility has been offering vehicles from Piaggio, Bajaj, Mahindra, Euler, and Grevol. It also offers passenger three-wheelers from Bajaj, Mahindra, Montra, and Piaggio.

Alt-Mobility also offers EV cars from BYD, Tata Motors, Citroën​, and Mahindra. The company also offers electric mini-trucks from Switch, Tata Motors, Mahindra, and Euler.

Alt-Mobility claims to have a 13,000-vehicle fleet with assets under management of USD 35 million. With the investment, it plans to expand the fleet to 30,000 vehicles and AUM to USD 100 million.

Impact

Increasingly, investors’ focus is shifting from vehicle developers to vehicle deployers. We had written about this recently.

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