Dev Arora, co-founder and CEO of Alt Mobility, says that our aim is to make e-vehicle affordable and become a source of income of people who have no work. His company gives commercial vehicles on lease to such people, which do not have any financial history and banks are shy away from giving them loans. This includes three wheelers, four wheelers and two wheeler e-vehicles. Our company sees the work ranging from leasing these vehicles to their maintenance and insurance. The aim of this is that the car continues to run after getting out of the dealer.
How does the company do business
Dev says that instead of giving a loan, we lease the car. A minor part of the total price of the vehicle is taken for down payment from the lease. Our business model runs on lease to on. This means that when the lease money is not met, the honorship of the vehicle remains with the company. For this, there is a 3 -year installment and once the installment is completed, the honor of the vehicle is transferred to the person who buy it. As long as the lease of the car goes on, our company remains the responsibility of its maintenance to insurance.
According to Dev Arora, the electric 3 wheeler with a market price of Rs 4.7 lakh. It is made available on a down payment of only 21 thousand rupees. EMI of Rs 4,500 is collected on it every week as a lease rental. The tenor of the lease is 3 years and during this time the company is responsible for maintenance, service, insurance and fitness. In this way, a total of Rs 7.02 lakh has to be paid during 3 years of lease. This means that the vehicle costs Rs 2.30 lakh more than the market price, but it includes expenses from insurance to maintenance and service. So it is not more expensive.
How to guarantee earning money
Dev Arora said that we not only give e-vehicle on the lease in a way, but also decide that the taker should also earn and the loan is not default. For this, we make agreement with e-commerce companies to companies like Porter. Our commercial vehicle takes on the lease of companies from companies like Amazon, Flipkart, Blinkit and Porter. Suppose, if someone picks up the vehicle carrying the goods on lease, then our company gives them a guarantee of up to 40 thousand rupees every month. Drivers can also earn above it.
Dev Arora told that under our policy, the honor of the vehicle remains with us for 3 years, then it is also our responsibility from its maintenance to insurance. Therefore, while removing the car on the lease, we install a tracking device in it, which sends complete scanning of vehicles and sends data to us. For its tracking, there is a system in our office itself, which keeps an eye on every vehicle. No malfunction in the vehicle, such as a battery recharge, sends data in case of low or any other mechanical problem in it. We inform the driver about this and his malfunction is removed in time.
How did the idea of business come
Dev Arora told that earlier we used to do solar roof top business. We used to install solar units for free on commercial buildings and schools. U We applied this concept to EV and are providing commercial e-vehicle on very minor down payment. For this, in the beginning we studied the market and took a feedback by talking to e-commerce companies. As the use of e-vehicles for delivery in e-commerce is increasing, our business is also getting growth.
According to Dev, Alt Mobility started business from the year 2022 and since then more than 14 thousand vehicles have been given lease in 30 cities of the country. It includes cities of UP including Delhi, Bangalore, Hyderabad, Chennai, Surat. He told that the company has so far leased about Rs 500 crore under this concept. Our plan is now to open our own dealership. For this, we have chosen Lucknow and will open our first dealer in this city.
What does the company do but default
Arora said that we have chosen the concept of leasing instead of a loan to avoid default. The condition in the loan is that action can be taken only when defaulted for 3 months, whereas this does not happen in the leasing model. In such a situation, we get to know in 6 weeks that the driver is going to default and takes back the car from it. Along with taking the car from those who default, penalty is imposed on them and their CIBIL also deteriorates. This vehicle is re -maintained and given to another driver. However, the default cases are very low. As of March 2025, the market cap of the company has been around Rs 461 crore.
