Alt Mobility Raises $6 Million for EV Expansion
Jan 18, 2024 10:39
Alt Mobility, an electric vehicle leasing platform, secured $6 million in funding to scale its operations, expand into new cities, and develop new services.
New Delhi, Jan 18 (PTI) Electric vehicle leasing and lifecycle management platform Alt Mobility on Thursday said it has raised USD 6 million (nearly Rs 50 crore) in a funding round co-led by Shell Ventures, Eurazeo, EV2 Ventures and Twynam.
UC Inclusive, Piper Serica, Pitchright and LetsVenture also participated in the round, which is a mix of equity and venture debt, the company said in a statement.
The capital will be used for hiring engineering team to scale its Electric Vehicle (EV) asset management platform FleetOS, it added.
It will also be used for setting up new verticals for fleets including drive-to-own model, parametric insurance, fleet depots and battery refurbishment unit, the company said.
Besides, Alt Mobility said it plans to expand its presence in over 20 cities aiming to achieve an (Assets Under Management) AUM of USD 100mn in the next two years.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.