Alt Mobility: Empowering Fleet Transition to Electric with Innovative Leasing Models
CXOToday has engaged in an exclusive interview with Dev Arora, Co-founder & CEO, Alt Mobility.
- What inspired the establishment of Alt Mobility?
Four of the co-founders of Alt Mobility – Dev Arora, Anuj Gupta, Jayant Gupta, Manas Arora – are second time entrepreneurs with prior experience in the distributed solar segment, having deployed over 100MW of capacity across India. The core value proposition that drove the adoption of solar was differential between solar tariff and grid tariff when the solar assets were offered under take or pay model, resulting in widespread adoption. Jayant Gupta took an exit from his venture in 2019 and started his EV manufacturing company to build upon his expertise in the energy storage and use it for mobility applications. Once the product was ready, the co-founders having know each other since the solar days, teamed up to offer EV leasing model converting high capex to opex with the core value proposition of generating savings for fleets due to high differential in fuel cost and charging cost. Fleets are the first and fastest adopters of EVs due to high distance travelled resulting in maximum fuel savings. Applying their know-how from solar financing, the team tailored bankable contracts and structures specifically for the EV space, empowering fleet owners to switch to electric with ease.
- Are there any significant milestones or achievements since its inception?
Alt Mobility’s journey took off in March 2021 when the cofounders spent an year conducting trials with top ecommerce and logistic companies. The company started its first lease in March 2022for 80 electric vehicles. Shortly thereafter, in July, the company secured its Seed Round investment, propelling their growth further.
- What are future plans for expansion, both in terms of geographical reach and service offerings?
Future Plans for Alt Mobility
- The company is expanding to asset classes beyond two and three wheelers and would be looking at partnering with OEMs in four wheeler cars, LCVs and heavy duty vehicles.
- The company would also be supporting charging infrastructure providers for leasing of chargers and offering its customers access to hubs for parking and fast charging. ALT intends to establish partnerships with CPO for creating smart hubs.
- Alt mobility is targeting cities with existing OEM service centers, ensuring instant support and seamless vehicle maintenance.
- Company is launching unique “drive to own” model for enabling leasing of EVs to driver partners in Delhi NCR, following the Delhi EV Aggregators Policy to promote EV adoption and penetration.
- What specific services does Alt Mobility offer in the EV leasing and lifecycle management sector?
By simplifying the traditionally complex process of acquiring and managing vehicles, Alt Mobility is an integrated app for realtime monitoring, alerts, comprehensive service, charging and parking which empowers B2B commercial logistics fleet operators to access a diverse portfolio of vehicles that align with their specific requirements. With the help of its unified platform for fleet operators and financing partners, Alt Mobility further promotes collaboration and synergy within the commercial logistics ecosystem. The company offers a hassle free solution for fleets to transition to electric, providing the lowest total cost of ownership and highest uptime by partnering with ecosystem stakeholders across OEMs, financers, and infrastructure providers. Alt Mobility is also committed to social and environmental sustainability. The company provides driver training programs and partners with fleet operators to create job opportunities for underserved and unbanked gig workers. Alt Mobility is also encouraging women participation in the workforce by providing incentives to fleet partners with female drivers.
- Could you provide examples illustrating the benefits or successes of Alt Mobility’s services?
The company helps fleet owners reduce their total cost of ownership by providing its flagship FleetLease product that saves fleets upto 30% on monthly operating cost compared to conventional vehicle ownership options. The company has worked with leading top fleet operators and aggregators including Eveez, Fyn Mobility, Fulfilly, Evify, Magenta, Lets Transport, BlueWheelz, Lithium Urban, Bijli Ride, Drop, Zevo and more.
- How has Alt Mobility ensured the seamless integration of EVs into commercial fleets associated with brands like Amazon, Flipkart, Big Basket, Zomato, and Swiggy? Any new partnership is coming up?
Alt Mobility has created a integrated approach to fleet electrification and partners with top e-commerce and logistic anchors to support the electrification of their fleet partners. For any player with a bankable contract from demand originators, ALT offers lease based on their operational and credit history. The company offers vehicles, parking and charging in the near facility of hubs of e-commerce players ensuring a plug and play approach for adding new EVs.
ALT’s unique asset management approach delivers the lowest total cost of ownership and highest uptime to fleet partners, essential for demanding operations of e-commerce. With Alt Mobility, the future of B2B logistics is electric, efficient, and effortlessly sustainable.
Add integrated app for realtime monitoring, alerts, comprehensive service, charging and parking.
