Mobility startup Advance Mobility has raised $3 million in a recent funding round led by prominent accelerators India Accelerator and Finvolve. The fresh capital injection will enable the company to strengthen its operations and broaden its reach across the country.
Founded in 2023, Advance Mobility operates a fleet of vehicles primarily on the Uber platform. What sets the startup apart is its commitment to more sustainable mobility solutions – its entire fleet reportedly runs on compressed natural gas (CNG), making it more environmentally-friendly.
According to sources close to the company, Advance Mobility aims to address various pain points faced by players, customers and drivers within the mobility sector. With the industry undergoing rapid change, the founders see significant potential in positioning mobility as an on-demand service.
This is not the first time Finvolve and India Accelerator have backed Advance Mobility. Earlier this year, the startup closed a $2 million round with participation from the same investors. Details regarding Advance Mobility’s business model and financials are limited, but it is clear the company has ambitious expansion goals.
The broader Indian mobility landscape is in a state of flux as technological progress and sustainability concerns drive transformation. The electric vehicle domain in particular is flourishing with increased focus on lowering emissions. Just recently, ridesharing startup Yulu announced plans to deploy 100,000 e-vehicles by 2025 after raising $100 million in upcoming financing.
Advance Mobility will hope to establish itself as a key player in this dynamic environment. With strengthened resources, it aims to scale operations and better serve the evolving needs of partners and consumers. Further updates on the startup’s milestones and strategic moves will be published as information becomes available.
