Twynam Backs Booming Mobility Market in India
Twynam is proud to co-lead Alt Mobility's Pre-Series A raise for US$3m along with EV2 Ventures. Shell Ventures and Eurazeo are also partaking in the round.
EVs in India
Electrification is at the cusp of booming in India.
Over the lifetime of a vehicle, the total cost of ownership for electric 2-wheelers, 3-wheelers, and soon 4-wheelers, is already lower than their ICE counterparts. India's transport sector contributes to 14% of the country's emissions, and commercial vehicles account for 5.5% of emissions. However, EVs have a higher upfront cost which is limiting mass adoption.
EVs made up only 2% of sales for 2-wheelers in India in 2022, but they are projected to account for 45% of sales in 2030. Driving this are legislative mandates in Delhi, which require all cab aggregators and delivery service providers to switch their fleets to electric vehicles by 2030.
That's where Alt Mobility comes in.
Alt Mobility
Alt Mobility brings together the ecosystem to finance this major electrification transition.
By working with lenders, customers, OEMs, charging infrastructure operators, insurance providers, and vehicle service players, Alt has created a 'full-stack' EV leasing product that's 30% cheaper than traditional financing.
The startup was founded in 2021 by entrepreneurs Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal and Jayant Gupta, to attack the key issues in EV adoption.
Alt's FleetOS monitors EVs in real-time, providing predictive and preventive alerts for EV maintenance, along with servicing, warranty, and insurance claim management for fleet partners, ensuring maximum uptime and utilisation.
The platform can aggregate demand and data from customers, financiers, OEMs, charging capacity to achieve lower interest rates that reach more customers, cheaper EVs from bulk orders, cheaper charging and higher utilisation, and always-ready maintenance. It's a win-win-win for lenders, OEMs, and customers.
Why We Invested
India is set to follow suit with other rapidly electrifying countries in Asia. In China, EV sales penetration has reached 33%. In Vietnam, the EV adoption has jumped from 2.9% in 2022 to 13.6% in 2023 - a massive increase.
Alt is enabling this hypergrowth in electrification by solving the key barriers to the commercial adoption of EVs.
Their electrification-logistics-as-a-service model is highly scalable and asset-light since they don't have to invest in the underlying OEMs or be a lender themselves. They are not tied down to a specific lender, OEM, or customer. We think Alt will become an essential player in the EV transition in India and beyond.
We were also impressed by their great traction and the quality of the founding team. We first met the team in 2022 when the founders had a live MVP and were managing 200 vehicles. A year later, they have a fleet of over 5000 EVs worth over $10m+ USD in AUM.
We’re proud to be part of Alt Mobility’s Pre-Series A and are excited to see the build-out of the world-class team, refinement of the FleetOS platform, and geographic expansion over the coming months.
The Earth Fund
Alt Mobility joins The Earth Fund as our third investment. We're excited to be branching into different geographical markets that represent a large share of global emissions but are traditionally underfunded. We view these markets as great opportunities.
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