Astranova Mobility Raises Rs 60 Cr in Series A Funding
Astranova Mobility team discusses Series A funding in a modern office with EVs visible outside.
Key Highlights
Astranova Mobility secures Rs 60 Cr in Series A funding led by IvyCap Ventures to enhance its EV financing and AI capabilities. Read more about this investment.
Astranova Mobility, an EV financing and asset management platform, announced on Thursday that it has raised Rs 60 crore in a Series A funding round led by IvyCap Ventures.
The round also saw participation from existing investors Asian Development Bank and AdvantEdge Founders, along with new investor Trucks Venture Capital, a Silicon Valley-based auto-tech fund.
A significant portion of the newly raised capital will be used to deepen the company’s data, AI, and engineering capabilities. Trucks VC’s participation will also enable the company to access partners and expertise from the US auto-tech ecosystem, according to Astranova Mobility.
Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, stated that Astranova Mobility is a strong enabler of India’s clean mobility transition, combining data-driven insights, financing strength, and deep sector expertise. He added that their rapid execution and clear vision for the commercial EV segment position them well to scale sustainable transportation nationally.
According to Astranova Mobility, this fundraise is expected to help the company grow fivefold in the next 18 months and set the foundation for its ability to deploy $1 billion worth of electric vehicles in the next four years.
Founded in mid-2023 by Kunal Mundra, the company has provided financing and allied services for over 25,000 EVs, including two-wheelers and heavy-duty electric trucks.
Puneeth Meruva, a partner at Trucks Venture Capital, commented that India’s transition to commercial electric vehicles will require over $100 billion in financing. He noted that traditional lenders often lack the expertise to underwrite EV assets, while small fleet operators remain underserved due to limited credit access. Meruva believes that Astranova addresses this gap through a data-first, full-stack platform spanning leasing, asset management, and maintenance. He added that the team’s deep operational experience, combined with a differentiated technology stack across fleet operations and vehicle financing, positions them uniquely to execute in a market where nearly 90% of operators remain underserved.