Collaboration between TVS Motor and ALT Mobility leads to a plan for introducing 3,000 electric rickshaws by the financial year 2025-2026.
TVS Motor Company, a leading Indian automobile manufacturer, has partnered with ALT Mobility, a startup known as India's largest full-stack EV leasing and lifecycle management provider. This partnership aims to deploy up to 3,000 TVS electric three-wheelers, both passenger and cargo, during the fiscal year 2025-26.
ALT Mobility was founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta. Anuj Gupta, Co-founder & CBO of ALT Mobility, expressed commitment to building scalable solutions that integrate sustainable mobility with financial inclusion.
Under this partnership, TVS Motor Company will provide the vehicles, while ALT Mobility will procure, lease, and finance them through its ecosystem. The models, variants, and specifications of the electric three-wheelers will be jointly finalized to best serve customer needs.
ALT Mobility's integrated asset management offering includes 24/7 vehicle monitoring and predictive maintenance to reduce breakdowns and downtime. This approach ensures higher vehicle uptime, stronger asset utilization, and greater earning potential for drivers and operators.
The vehicles will be deployed under ALT's Drive-to-own leasing model to individual drivers and fleet operators for cargo and passenger transportation. They will be rolled out through TVS Motor's extensive network of authorized dealers and ALT's points of sales across India.
TVS Motor Company's electric three-wheeler portfolio, engineered for superior range, faster charging, and durability, is designed to provide businesses and drivers with reliable, clean, and cost-efficient solutions. The partnership with ALT Mobility provides access to industry-leading vehicles and technology, aiding in the effective scaling of leasing and fleet operations.
Through the Drive-to-own model and integrated lease offerings, ALT Mobility aims to make electric vehicle adoption seamless for drivers and fleets. Rajat Gupta, Business Head - Commercial Mobility at TVS Motor Company, stated that the partnership with ALT Mobility is a significant step towards enabling sustainable urban and last-mile mobility at scale.
ALT Mobility's goals include ensuring uptime, assured earnings, and a sustainable livelihood for drivers and operators, while building a stronger zero-emission logistics' ecosystem for the country. The company had raised $6 million in a funding round in January last year, co-led by notable investors Shell Ventures, Eurazeo, EV2 Ventures, and Twynam. However, the investors who participated in the $6 million financing round of Alt Mobility in January of last year have not been identified in the provided search results.
This partnership is expected to contribute significantly to the adoption of electric vehicles in India, promoting sustainable mobility and reducing carbon emissions.
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