With new funding in hand, Astranova Mobility gears up to fast-track India’s electric fleet revolution through data, capital, and cutting-edge mobility innovation.
Electric vehicle financing and asset management platform Astranova Mobility has raised Rs 60 crore in its Series A funding round to scale operations and support the growing adoption of electric vehicles in India’s commercial mobility sector.
The round was led by IvyCap Ventures, with existing investors Asian Development Bank and Advantedge Founders increasing their participation. The funding round also saw involvement from Trucks Venture Capital, a Silicon Valley-based investor focused on automotive technology innovation.
Founded in 2023 by Kunal Mundra in collaboration with Grip Invest, Astranova Mobility combines engineering expertise, proprietary data models and structured financing solutions to address one of the biggest barriers to EV adoption — access to reliable financing and asset management.
The company claims to have already enabled financing and related services for more than 25,000 electric vehicles across categories ranging from electric two-wheelers to heavy-duty electric trucks. By integrating data analytics and large-scale models into financing decisions, Astranova aims to improve asset utilization and reduce risk for fleet operators and lenders.
According to Mundra, a significant portion of the newly raised capital will be deployed to enhance the company’s artificial intelligence, engineering and data capabilities. The investment is also expected to unlock additional debt financing, allowing Astranova to scale faster and expand partnerships across India’s commercial EV ecosystem.
Looking ahead, the startup plans to grow more than five times over the next 18 months and aims to enable deployment of electric vehicles worth $1 billion within the next four years, supporting India’s transition toward sustainable transportation and long-term net-zero mobility goals.
