Could you please tell us a little bit about what exactly is the product/solution offered by ALT Mobility?
Alt Mobility provides an integrated solution for fleet leasing and lifecycle management, where we offer EV fleets at no upfront cost, and our partners pay a monthly fixed lease that includes vehicle, service, insurance, fleet monitoring, diagnostics, and management. The integrated approach is meticulously designed to optimize fleet uptime and reduce operating costs. Ultimately, this results in offering fleet partners the lowest possible total cost of ownership. Our fleet consists of segments including two, three, and four-wheelers. The objective is to provide a one-stop and hassle-free solution to going electric. This includes taking care of financing, road tax, auto insurance, as well as service and spare parts expenses for the electric vehicles.
Our fleets are smart and connected to our cloud, allowing our team to remotely monitor our fleets, and support our fleets in taking corrective actions to maximize the uptime for the vehicles.
How did you identify this niche in the market, and what prompted you to focus your skills and expertise in this area?
Commercial fleets are going to be the fastest to switch to electric in India and globally. This is because the capex cost has reached parity with most combustion engine vehicles and operating cost is significantly lower due to savings on fuel costs. This results in the lowest total cost of ownership for fleets. This differential has resulted in a high demand for EVs and fleets, governments, and corporates are looking at scaling up exponentially. ALT was founded to solve the barriers in access to finance and create a capex-light, fully managed fleet solution that enables fleet electrification at scale in India and beyond.
How exactly are you planning to incentivise the switch for existing owners from ICE fleets to EV fleets?
Alt Mobility offers a hassle-free and cost-efficient solution for fleet management. One of the standout advantages is the absence of any upfront capital expenditure. Instead of a high downpayments, we take a small refundable security deposit from our fleet partners, reducing upfront capex. While enjoying the benefits of the fleet, Alt or its financing partner retains ownership and provides the option to transfer the vehicle to the user at the end of the tenure. Furthermore, our leases are up to 20% lower monthly operating costs compared to EMI from a bank. The fixed monthly rentals cover insurance, maintenance, breakdowns, and more, simplifying your budgeting process. We also provide support in vehicle selection, ensuring vehicle quality, and negotiating preferential warranties with OEM partners.
Lastly, Alt Mobility provides a single, technology-enabled interface for the complete lifecycle management of the fleet, streamlining the overhead resource cost associated with fleet management.
With capex light and the most optimized opex approach, we seek to provide a compelling case for existing ICE fleet owners to embrace the benefits of EV fleets, emphasizing cost savings, sustainability, and operational efficiency while addressing potential concerns and barriers.
What is your vision of sustainable mobility in an urban context in India in the near future?
Our company is committed to accelerating the adoption of electric vehicles (EVs) in commercial fleets through a multi-faceted approach. Firstly, we aim to facilitate access to innovative finance and ownership structures that not only benefit fleet partners but also enhance the earnings of drivers, making the transition to EVs economically viable for all stakeholders. Secondly, we prioritize improving fleet utilization to unlock maximum efficiency, reducing downtime, and optimizing operations. Our focus is on providing a hassle-free experience in acquiring and managing EV fleets, ensuring that businesses can seamlessly integrate smart and connected fleets into their operations. Moreover, we’re dedicated to bringing predictability to the bottom line, offering financial stability, and reducing operational uncertainties. In addition to these efforts, we are working towards ensuring ease of access to essential infrastructure, including charging stations and servicing facilities, to maintain uninterrupted business operations. This quarter marks the beginning of our expansion into leasing of four-wheelers, encompassing taxis and cargo vehicles, with future plans to explore larger form factors, including Heavy Commercial Vehicles (HCVs).
Can this vision be extended to rural areas as well?
Alt Mobility’s vision for sustainable urban mobility in India can indeed be extended to rural areas. While urban centres remain a primary focus due to their dense populations and higher pollution levels, addressing rural mobility is crucial for integrated sustainability. As the e-commerce segment is opening up new pin codes across India, we would want the first fleets deployments in these areas to be electric, thereby leapfrogging traditional ICE engine vehicles. As long as our OEM partners can provide service in these areas, we are keen to promote the electrification of rural India.
Do you plan to offer products/solutions to not just fleet owners but individuals as well in the future?
Presently, ALT is focusing on fleets only – however the technology we are developing has far reaching use cases and can easily be adapted to adding value for individuals and drivers. We believe that commercial fleets would lead the charge in electric and retail segment would still take more time for penetration and therefore have focused the company’s efforts on commercial fleets.
