Alt Mobility, a commercial vehicle leasing and asset management company, plans to raise ₹400 crore in debt. This follows the company’s recent $10 million funding round, which was which was led by Eurazeo and other investors.

The funds will be used to purchase vehicles, according to Dev Arora, Co-Founder and CEO of Alt Mobility. The company aims to expand its fleet to 30,000 vehicles over the next 18 to 24 months, up from its current fleet of approximately 10,000 vehicles across 20 cities in India.

Out of the ₹400 crore, ₹200 crore in commitments have already been secured through multiple development financial institutions (DFIs), banks and non-banking financial companies (NBFCs). For the remaining ₹200 crore, we are in advanced discussions,” said Arora. The entire ₹400 crore portfolio will be deployed throughout 12 months.

Collaborations with CPO

In addition to fleet expansion, Alt Mobility is in discussions to partner with charging point operators (CPOs), Arora told businessline. “We are in talks with multiple CPOs to enable a unified interface for users. The goal is two-fold: first, to help users discover charging stations easily, and second, to facilitate unified payments,” said Arora.

“This eliminates the need for users to download multiple apps. Charging will be possible through a centralised application or even through WhatsApp. We aim to enable charging across all CPOs we collaborate with, creating a seamless experience for payments and station discovery by aggregating these operators,” he added.

Arora noted that most of the Memorandums of Understanding (MOUs) for these partnerships are in their final signing stages. “We expect to finalise these collaborations by January or in the months that follow. It will be an ongoing process,” he said.

Founded in 2022, Alt Mobility provides leasing options and technology solutions that enable fleets to optimise operations, reduce costs and transition to EVs. Previously, the company raised $6 million in a funding round co-led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam.