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EV startup ALT Mobility raises $10 Mn in Series A

EntrackrEntrackr · 7m ago
EV startup ALT Mobility raises $10 Mn in Series A
Medial

Commercial electric vehicle (EV) leasing and asset management company ALT Mobility has secured $10 million in a Series A funding round led by European venture capital firm Eurazeo. The round also witnessed participation from its existing investors Shell Ventures, Twynam Earth Fund, and EV2 Ventures. The Delhi-based company had previously raised $6.45 million from its existing investors. The proceeds will be allocated towards expanding its digital asset management platform, standardizing its battery technology, expanding its fleet to 30,000 vehicles by March 2026, and managing Rs 800 crore in assets under management (AUM) over the next 18 months, ALT Mobility said in a press release. Co-founded in 2021 by Dev Arora, Anuj Gupta, Harsh Dev Goyal, Jay Gupta, and Manas D Arora, ALT Mobility is a full-stack EV leasing platform offering mobility as a service (MaaS) for commercial vehicle users. It simplifies financing and provides reliable technology that supports the transition of intra-city logistics to electric mobility, reducing carbon footprints and improving profitability. ALT Mobility claims to have 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. ALT Mobility plans to expand its offerings to the driver-cum-owner segment, introducing innovative 'drive-to-own' options and leasing products for four-wheeler light commercial vehicles and cars. It also aims to roll out a Battery-as-a-Service (BaaS) model for second-life vehicles.

UrjaMobility secures $12 Mn in pre-Series A funding

EntrackrEntrackr · 9m ago
UrjaMobility secures $12 Mn in pre-Series A funding
Medial

UrjaMobility, a startup specializing in battery leasing for commercial electric vehicles (EVs), has raised Rs 100 crore ($12 million) in its pre-Series A funding round, which includes both debt and equity financing. The round was co-led by Mufin Green Finance and Hindon Mercantil. The new funds will be used to expand UrjaMobility’s solutions in energy consumption and supply chain management, focus on the e-mobility sector, scale operations, and enhance its unique pay-per-use leasing model, according to a press release. Founded in 2022 by Pankaj Chopra, UrjaMobility offers battery leasing options for various commercial EV categories, including L3 and L5 vehicles, as well as electric L2s powered by lithium-ion batteries. The company aims to transform the upfront costs of battery energy into a manageable Monthly Lease Value (MLV). UrjaMobility has introduced a unique pay-per-use leasing model that allows customers to lease batteries based on kilometers driven, providing greater flexibility by converting traditional capital expenditures (CapEx) into smart operational expenditures (OpEx). This innovative approach offers end-users a cost-effective and hassle-free solution for adopting electric mobility. In its first month of operations, UrjaMobility claims to have delivered 150 kWh of energy per day through its Energy-as-a-Service (EaaS) model. The company has since expanded its capabilities and now provides 45 MWh of energy daily. Looking ahead, UrjaMobility aims to raise an additional Rs 250 crore in the first quarter of 2025 to further strengthen its retail network and meet the increasing demand for e-mobility solutions across the country.

EMO Energy raises $6.2 Mn in Series A round

EntrackrEntrackr · 6m ago
EMO Energy raises $6.2 Mn in Series A round
Medial

Snippets EMO Energy raises $6.2 Mn in Series A round Energy-tech startup EMO Energy has raised $6.2 million in its Series A funding round, led by Subhkam Ventures along with participation from the existing investor, Transition VC. The Bengaluru-based company had previously raised $1.43 million from Sat Industries and others. The proceeds will be utilized to scale its 2 and 3 wheeler energy solution to over 1 lakh vehicles over the next two years, strengthen its R&D capabilities, and expand the team to meet growing operational demands, EMO Energy said in a press release. Co-founded in 2022 by Sheetanshu Tyagi and Rahul Patel, EMO Energy is a deep energy-tech startup focused on enabling mass EV adoption and decarbonizing urban energy. Its proprietary technology stack, ZEN, provides ultra-fast 20-minute charging, fireproof designs, and over 3000 charging cycles, making it a benchmark in safety, efficiency, and performance. The company’s battery systems are designed for electric two- and three-wheelers, commercial vehicles, and large-scale energy storage, with applications across multiple industries. According to EMO Energy, it aims to empower the urban energy landscape through its advanced battery software and hardware. Its patented technology, ZEN, comprises an AI battery management system, active thermal management, and machine learning battery life extension algorithms, which can cater to mobility and energy storage, unlocking a multi-billion-dollar addressable market across electric two-wheelers, light commercial vehicles, and industrial green energy storage systems. Over the last 12 months, EMO states that it has forged critical high-volume partnerships across major OEMs and is now well-equipped to scale from 2 to 2000 kWh. It is creating an ecosystem where dark stores and commercial establishments will have EMO-enabled delivery vehicles powered by its fast chargers and energy storage systems, all managed by an integrated energy management software. EMO Energy claims that it has already deployed over 2,000 battery packs in the mobility segment and is executing production-ready pilots for ESS aimed at providing peak shaving/backup and replacing diesel generators in industrial and commercial settings. Some of the startup’s clients include Kinetic Green, BigBasket, Domino’s, and Blinkit.

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