They fixed India's solar financing problem in 2014. Then they did it again — for electric vehicles.
Alt Mobility's founders didn't discover EVs on a whiteboard. They spent six years removing the financing barrier for rooftop solar — then watched the exact same problem kill EV adoption in India. Dev Arora and his team built the solution they already knew worked: a full-stack lease. $17.3M raised. 16,000+ vehicles. ₹350 crore in assets. 37 cities. India's EV logistics revolution, quietly assembled in New Delhi.
Dev Arora
Co-Founder & CEO · Alt Mobility
Solar Veterans Who Bet on EVs
Dev Arora, a computer science graduate from NIT Kurukshetra, built his first company not in tech — but in rooftop solar. In 2014, he and Anuj Gupta founded 8Minute, deploying over 100MW of clean energy projects across homes and industries. Along the way, they met Manas Arora, Harsh Dev Goyal, and Jayant Gupta.
The solar industry taught them something few people know from the inside: new energy technologies fail to scale not because of the technology, but because of the financing. Buyers don't understand residual values. Lenders won't take the asset risk. The ecosystem is fragmented. Sound familiar?
When Jayant Gupta moved into EV manufacturing around 2020, the team immediately recognised the pattern. "We all realised EVs faced the same challenges as solar in its early days," Arora says. "Lack of resale market, unclear residual values, and technology risks." The solution was the same one that had worked for solar: remove the upfront cost entirely. Offer a lease.
The Full-Stack Leasing Bet
Alt Mobility launched leasing operations in March 2022 with 82 two-wheelers and 10 three-wheelers for Lightning Logistics in Delhi. The model was deceptively simple from the outside — but radically different from anything else in the market.
While banks demanded 20–25% down payments, Alt took only a three-month deposit. While NBFCs just disbursed loans, Alt bundled the vehicle with insurance, road tax, maintenance, 24/7 roadside support, and IoT telematics under one all-inclusive contract. Fleet operators didn't just get a vehicle. They got a running cost they could predict — and a single number to call when anything went wrong.
"Traditional financiers just provide loans," Arora explains. "We go beyond financing to ensure vehicle uptime, lower costs, and complete lifecycle management. That's our differentiation." By 2023, the fleet had crossed 6,500 EVs. Revenues were doubling every year.
FleetOS, Drive-to-Own & What's Next
At the core of every Alt Mobility lease is FleetOS — the company's proprietary AI and IoT platform. Every leased vehicle carries an IoT device. The data it streams — location, battery health, usage patterns, driver behaviour — feeds into predictive algorithms that can flag a breakdown or payment default before it happens.
"We deploy IoT devices in every vehicle," Arora says. "They send data to our servers, allowing us to monitor asset health in real time." The team is now building Fleet GPT — a conversational AI layer on top of FleetOS that lets fleet managers ask plain-language questions about their fleet.
The Drive-to-Own model takes the social mission further: structured pathways for gig economy drivers to graduate from leasing to full ownership, with no credit history required. By early 2026, Alt Mobility manages 16,000+ vehicles, ₹350 crore+ in AUM, across 37+ cities — and is preparing to expand into buses and trucks for intercity and corporate use.
"Traditional financiers just provide loans. We go beyond financing to ensure vehicle uptime, lower costs, and complete lifecycle management. That's our differentiation."
— Dev Arora, Co-Founder & CEO, Alt Mobility
Company Timeline
- 2014–20
Dev Arora & Anuj Gupta build 8Minute, deploying 100MW+ of rooftop solar across India. They connect with Manas Arora, Harsh Dev Goyal, and Jayant Gupta in the solar industry.
- 2020–21
The team identifies EVs facing the same barriers solar once did — unclear residual values, high upfront costs, fragmented after-sales. Alt Mobility is conceived at IIT Delhi's incubator.
- Mar 2022
First deployment: 82 two-wheelers and 10 three-wheelers leased to Lightning Logistics in Delhi. The full-stack leasing model — vehicle + insurance + maintenance + telematics — is proven viable.
- 2023
Fleet crosses 6,500 EVs across 10+ cities. AUM reaches ₹100 crore. Drive-to-Own model launched in Delhi NCR under the Delhi EV Aggregators Policy.
- Jan 2024
$6M raised co-led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam. FleetOS platform expanded with AI-driven predictive maintenance and Fleet GPT.
- Nov 2024
$10M Series A led by Eurazeo. Total funding reaches $17.3M. Target: 30,000 vehicles and ₹500 Cr+ AUM by FY2026. Expansion to buses and trucks begins.
- 2025–26
16,000+ vehicles leased. 37+ cities. 185 employees. ₹150 crore in fuel savings generated. Annual revenue reaches ₹63.4 crore. Expansion to UP, Haryana, Maharashtra, Karnataka underway.
Frequently Asked Questions
Who are the founders of Alt Mobility?
Alt Mobility was co-founded in 2020 by Dev Arora (CEO), Anuj Gupta (CBO), Harsh Dev Goyal (CPO), Manas Arora (CFO), and Jayant Gupta (CCO) — born out of IIT Delhi's incubator. Four are second-time entrepreneurs who previously deployed 100MW+ of rooftop solar across India through their venture 8Minute.
What does Alt Mobility's all-inclusive lease include?
Alt Mobility's wet lease bundles the vehicle with vehicle registration, insurance, maintenance, 24/7 roadside assistance, IoT telematics via FleetOS, and access to 7,000+ charging stations — all under one contract and one monthly payment. The model saves fleet operators up to 62% compared to traditional vehicle financing with a bank loan.
How does Alt Mobility compare to Zypp Electric and MoEving?
All three offer EV leasing for commercial fleets in India, but Alt Mobility differentiates through its full-stack FleetOS technology platform, Drive-to-Own model for driver ownership, and its multi-category fleet spanning 2W, 3W, and 4W vehicles. Alt is also the only player in its segment backed by global energy majors Shell Ventures and Twynam Earth Fund.
Is Alt Mobility profitable?
Alt Mobility reported annual revenue of ₹63.4 crore as of March 2025 and has doubled revenues every year since launch. The company is focused on scaling toward profitability as AUM grows toward the ₹500 crore target. Dev Arora has stated that maintaining a lean cost structure has been key to earning investor trust.