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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.

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Vidyut raises $10 Mn in Series A led by 3one4 Capital

EntrackrEntrackr · 1y ago
Vidyut raises $10 Mn in Series A led by 3one4 Capital
Medial

EV financing and vehicle lifecycle management platform Vidyut has raised $10 million in its Series A round led by 3one4 Capital. The round also saw participation from new and existing investors including Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital and Udaan CEO Sujeet Kumar. The Series A round is a mix of equity and debt funding. Entrackr had exclusively reported about Vidyut’s new fundraise earlier this month. Previously, it closed its seed round of $4 million in a mix of equity and debt led by Force Ventures and others in December 2022. This funding emphasizes the company’s commitment to improve EV ownership for SMBs and the startup will utilize the new funds to scale its offerings to the EV ecosystem, the startup said in a press release. Vidyut, which offers EV insurance, lifecycle management, and EV resale, is also looking to expand its presence to 40 Indian cities. The company will also double its team size by the end of FY25 as it prepares to build a full stack EV ecosystem. Founded in 2021 by Xitij Kothi and Gaurav Srivastava, the company offers a battery subscription ownership plan powered by proprietary asset-underwriting algorithms. It already offers ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, Euler Motors and OSM vehicles. The two-year-old company was in the pre-revenue stage until FY23 and posted an income of Rs 68 lakh with a loss of Rs 3 crore during the last fiscal year. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. The Indian startup ecosystem has seen an uptick in funding for EV financing focused startups in the past couple of months. In December, Revfin raised $14 million in Series B round while Mufin and OTO raised $17 million and $10 million, respectively, earlier this month.

E-mobility startup Kazam raises $8 Mn led by Vertex Ventures

EntrackrEntrackr · 11m ago
E-mobility startup Kazam raises $8 Mn led by Vertex Ventures
Medial

E-mobility startup Kazam has secured $8 million in Series A3 funding round led by Vertex Ventures Southeast Asia and India. The round also witnessed participation from Avaana Capital, Alteria Capital, and other notable investors. The company had previously raised $11.4 million from Avaana Capital Advisors and others. The fresh funds will be used to bolster its technology and product teams, enhance platform offerings, and expand market presence, Kazam said in a press release. Co-founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam is an EV charging software platform which builds smart and affordable EV charging networks. The platform weeds out the hassles of EV infrastructure with its software and hardware solutions, designed to support charge point operators, fleet operators, and electricity grids. The startup’s aims to digitize the entire e-mobility value chain, from managing grid energy to fueling EVs and overseeing fleet operations. According to the Bengaluru-based company, its software enables a diverse range of vehicles, including two-wheelers, commercial electric vehicles (CEV) three-wheelers, and city buses, and claims to serve more than 25,000 charging points. It has recently launched LEV-DC, a fast charging option for electric two-wheelers and three-wheelers that can charge an electric scooter up to 80% in 20 minutes. Kazam has partnered with BigBasket, Zypp, Mahindra Logistics and other third-party logistics, facilitating 1 million transactions and integrating over 25,500 EV charging devices in the last 12 months. The firm also added that its reach extends to major vehicle OEMs including Bajaj, Ather, TVS, Hero MotoCorp, Mahindra, and Ultraviolette.

Deeptech startup ALT CARBON raises $12 Mn in seed round

EntrackrEntrackr · 1m ago
Deeptech startup ALT CARBON raises $12 Mn in seed round
Medial

Deeptech startup ALT CARBON has raised $12 million (about Rs 102.8 crore) in a seed funding round led by Lachy Groom along with participation from Shastra VC and other angel investors such as Jason Zhao, Amrendra Singh, Tanmay Bhat, Arjun Soin, Nakuul Mehta, Arjun Ramani, Advaith Vishwanath, and Rahul Seth. The fresh funds will be allocated towards building new projects which enable carbon dioxide removal (CDR) across South Asia and spending on research and development. Founded by Shrey and Sparsh Agarwal in 2023, ALT CARBON helps farmers and scientists in utilizing dormant lands as carbon removal sinks. It aims to leverage technologies like Enhanced Rock Weathering in making South Asia a hub for CDR. With this round, the Bengaluru-based startup plans to improve its science, conduct advanced R&D, collect high-quality data, and create Machine Learning models that accelerate its operations. Its flagship project, the Darjeeling Revival Project (DRP), aims to revive degraded soils, restore livelihoods, and rebuild ecosystems in Darjeeling, India. ALT CARBON aims to remove 5 million metric tons of CO2 by 2030 and become a leader in CDR in South Asia. The startup collaborates with local agricultural communities and organizations like Frontier and Shopify. ERW not only removes CO2 but also improves soil health, potentially boosting crop yields and supporting local livelihoods.

Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz

EntrackrEntrackr · 4m ago
Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz
Medial

Snippets Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz Bengaluru-based full-stack electric vehicle (EV) ecosystem platform Vidyut has raised $2.5 million in funding from global fintech investor Flourish Ventures. To date, Vidyut has raised over $16.5 million from 3one4 Capital, Credit Saison, Flourish Ventures, Zephyr Peacock, Lighthouse Canton, and other prominent investors. The firm concluded its $10 million Series A round in February last year. The funding will fuel the expansion of Vidyut's battery-as-a-service (BaaS) offerings in both passenger and commercial EV segments. This investment reinforces Vidyut's mission to accelerate India's clean energy transition by making EV ownership accessible and affordable for SMBs, the company said in a press release. Founded in 2021 by ex-Swiggy and Bounce executives Xitij Kothi and Gaurav Srivastava, Vidyut revolutionized commercial EV financing. By unbundling batteries from EVs and offering them on a pay-per-km subscription basis, Vidyut reduced upfront three-wheeler (3W) EV costs by 35-40%, making them significantly cheaper than ICE vehicles from day one. In 2023, Vidyut expanded its offerings to include EV resale and lifecycle management solutions, a move that has seen rapid customer adoption and market traction. In September 2024, the company entered the passenger EV market through a partnership with JSW MG Motor India, marking India's first BaaS model for four-wheelers that cuts upfront vehicle costs by 30%. With key industry partners such as TATA Motors, JSW, MG Motor India, Mahindra Last Mile Mobility, Piaggio, and Euler Motors, along with a strong distribution network spanning 30 cities, Vidyut has enabled micro-entrepreneurs and fleet operators to embrace sustainable choices while boosting their earnings by 10-15% through EV adoption. "With proven unit economics, strong 15% month-on-month growth, and long-term OEM partnerships, this investment will help us scale our innovative financing and lifecycle solutions across new vehicle segments," said Xitij Kothi. The Bengaluru-based company also launched an EV resale platform for the three-wheeler commercial vehicle segment, which manages the entire process—from inspection and valuation to sale and RTO documentation. According to the company, this new platform has streamlined the resale process for commercial EV owners and has helped customers realize up to 10-15% higher returns than ICE counterparts in secondary markets. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, Evfin, and Hero FinCorp, among others.

VoltUp raises $8 Mn in seed funding round

EntrackrEntrackr · 5m ago
VoltUp raises $8 Mn in seed funding round
Medial

VoltUp, a mobility-as-a-service (MaaS) platform and battery-swapping startup, has raised $8 million (Rs 67 crore) in a seed funding round, comprising equity and debt, which was led by EM Impact Capital. The Mumbai-based company had previously raised $10 million in the pre-seed round, bringing the total fund raised to $18 million with participation from prominent Family Office, HDFC Bank, cKers, Grip Invest and GetVantage. Founded in 2019 by Siddharth Kabra, VoltUp is a battery-swapping platform that is designed for electric 2-wheelers and 3-wheelers. Operating in 14 cities, VoltUp’s technology-first approach integrates AI and data analytics to optimize station locations, monitor battery performance in real-time, and predict user demand, offering a safer, more efficient, and time-saving alternative to traditional charging. With a core focus on safety, health, and efficiency (SHE), VoltUp claims to deliver a more sustainable mobility experience, making densely populated cities smarter and more connected. Through its Mobility-as-a-Service (MaaS) network, the startup empowers delivery agents, gig workers, and small businesses with reliable electric 2-wheelers powered by proprietary swappable battery technology. VoltUp plans to accelerate its MaaS offerings, integrating seamlessly with multiple electric vehicle platforms for two- and three-wheelers. It claims that its revenue has grown by over 4 times in the last 12 months and plans to deploy 1,000 new battery-swapping stations across 20 urban centres, supporting a growing customer base while promoting EV adoption and reducing range anxiety. Over the next two years, VoltUp aspires to invest in assets worth over $85 million, including swapping stations, batteries, and expanding the MaaS platform leading to additional job creation and bolstering India’s transition to sustainable mobility.

ZEVO raises $2 Mn from Pegasus India Fund and others

EntrackrEntrackr · 9m ago
ZEVO raises $2 Mn from Pegasus India Fund and others
Medial

ZEVO, a tech-enabled EV mobility platform, has raised $2 million in its pre-Series A round led by Pegasus India Fund, BizDateUp, JIIF, and a family office. The proceeds will be used to deploy 5,000 electric vehicles and develop fulfillment centers across key locations. Founded by Aditya Singh Ratnu and Dhruv Bhatia, ZEVO operates a comprehensive fleet of electric vehicles, catering to diverse delivery needs with a strong focus on operational efficiency and sustainability. ZEVO is set to upgrade its technological infrastructure, ensuring its solutions are in place to optimize logistics and supply chain management. The firm plans to expand its footprint to new cities and strengthen its presence in tier II and tier III cities, bringing sustainable mobility solutions to a broader audience. Looking ahead, ZEVO is in talks to raise $20 million by January 2025. This future investment will further ramp up the company’s efforts to lead the EV supply chain market and achieve its growth and sustainability goals to have 2,00,000 electric vehicles on the road by 2030.

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