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ALT Mobility, a commercial electric vehicle (EV) leasing and asset management company, raised $10 million in a Series A funding round led by Eurazeo, a European venture capital and private equity fund.

Existing investors Shell Ventures, Twynam Earth Fund, and EV2 Ventures also participated in the round, the company said in a statement on Tuesday.

The EV company will use the funds to expand its fleet to 30,000 vehicles by March 2026 and manage a Rs 800 crore asset under management (AUM) over 18 months. It will also invest in expanding its digital asset management platform and standardise its battery technology.

In a statement, Ernest Xue, Director at Eurazeo and a board member at Alt Mobility, Julien Mialaret, Operating Partner, and Matthieu Bonamy, Partner at Eurazeo, said, “Since our previous investment in Alt Mobility, the company has continued to show strong sustainable growth and scale its impact. Alt Mobility’s approach to the operational leasing and asset management of electric vehicles clearly addresses the pressing need for accessible, efficient, and sustainable transportation in India, one of the world’s most dynamic markets.”

Moreover, Alt Mobility is looking to expand its offerings to the driver-cum-owner segment, offering innovative “drive to own” options and leasing products for four-wheeler light commercial vehicles and cars and Battery-as-a-Service model (BaaS) for second-life vehicles.

Founded in 2021, Alt Mobility is a full-stack electric fleet leasing platform that drives rapid EV adoption through asset management.

With a fleet of 10,000 vehicles across 20 Indian cities leased to fleet operators and drivers, the company offers a comprehensive solution, including leasing, servicing, charging, real-time fleet monitoring, and data-driven insights to ensure low total cost of ownership and maximum fleet uptime.

“We are grateful for the strong vote of confidence from our existing investors in our mission to accelerate the adoption of electric vehicles. We are charged up for the next phase of growth, unlocking new markets and products, deeper ecosystem integrations with our partners to drive down the total cost of ownership of EVs,” said Dev Arora, Co-founder and CEO of Alt Mobility.