Bengaluru-based leasing company, Moto Business Service India (MBSI) has joined hands with Alt Mobility, an IIT-Delhi-based technology-enabled EV leasing and lifecycle management platform.
The partners aim to improve the overall business profitability for e-commerce and logistics companies.
Initially, the partnership is for 500 electric two-wheelers, financed by MBSI and leased and managed entirely by Alt Mobility, through its FleetOS platform.
Alt Mobility says the integrated FleetOS platform enables a hassle-free, capex-light leasing offering to B2B commercial logistics fleet operators, and for financing partners it brings transparency & secure access to vehicle portfolio including vehicle health, security, dynamic residual value, utilisation, collections and other features to reduce financing risk.
Dev Arora, Co-Founder & CEO, Alt Mobility said, “This partnership aims to unlock access to finance for the underserved electric mobility segment by eliminating capital barriers to EV transition. Our platform’s strength in asset management, predictive fleet maintenance and utilisation, deep insights into driving patterns, early warning systems using advanced data analytics derived from operational fleets, combined with Yamaha Motors experience and strong standing aims to set a new benchmark for commercial vehicle financing.”
Yamaha Motors’ MBSI provides vehicle leasing and other support services for tech start-up companies that focus on the shared mobility space in India. It aims to increase the usage of vehicles on shared/rental platforms, create employment opportunities and contribute towards improving people’s quality of life in India.
As part of the partnership, Alt Mobility and MBSI strive to enable more businesses, fleet operators and drivers to lease electric vehicles from Alt Mobility at an affordable rate, which they say saves upto 30% of the operational costs, compared to ICE vehicles and upto 20% compared to conventional financing options. In addition, the partnership will also facilitate routine service, spare parts, and breakdown support and comprehensive insurance policies for all vehicles.
Shoji Shiraishi, MD, Moto Business Service India said, “MBSI is thrilled to officially kick start our operations in the asset finance segment in New Delhi by partnering with Alt Mobility. India is seeing rapid growth in sales of electric vehicles (EVs) as manufacturers and users rush to switch from gasoline-powered vehicles due to the rising cost of fuel. With a key potential market of 1.4 billion Indians, there is potential to unlock a huge market. We will continue to onboard electric vehicles across multiple cities and generate employment avenues for the youth of India. We plan to work with more mobility companies in the future and to transform the overall shared mobility space in India by bringing our financial and strategic experience from our stakeholders.”
“We are on a mission to catalyse access to low-cost debt for financing the EV segment in India by using data-driven decision-making to improve lending efficiency. Our work together with MBSI will strive to create transparency and generate insights to improve the bankability of EV finance, generating confidence in the sector,” added Arora.