Astranova Mobility, an India-based full-stack EV financing and asset management startup, has raised ₹60 crore (approximately US$6.4 million) in a Series A funding round. IvyCap Ventures led the round, while Asian Development Bank Ventures and Advantedge Founders participated as existing investors. Additionally, US-based Trucks Venture Capital joined as a new investor, reflecting growing global interest in India’s EV ecosystem.
Founded in 2023 by Kunal Mundra, former CEO of Cars24, and Nikhil Aggarwal, co-founder of Grip Invest, Astranova Mobility provides integrated solutions for commercial fleet operators transitioning to electric vehicles. The company delivers operating leases, customised financing, maintenance, refurbishment, and redeployment services through a tech-enabled platform that manages the full lifecycle of EV assets, including two-wheelers, three-wheelers, cars, buses, and trucks.
Since its inception, the company has financed and supported more than 25,000 electric vehicles, while building an asset under management (AUM) exceeding ₹350 crore. Moreover, Astranova Mobility actively partners with fleet operators and OEMs to simplify electrification by addressing key challenges such as high upfront costs, maintenance complexities, and lifecycle management in India’s rapidly expanding EV market.
Importantly, the company will deploy a significant portion of the newly raised capital to strengthen its data, artificial intelligence (AI), and engineering capabilities. This investment will enhance predictive analytics, risk assessment, asset performance monitoring, and operational efficiency. As a result, Astranova aims to scale its platform and deepen its impact on commercial fleet electrification across India.
Meanwhile, the funding comes at a critical juncture as India accelerates its push toward net-zero mobility goals. With EV adoption gaining strong momentum in last-mile delivery and logistics segments, Astranova Mobility is positioning itself as a key enabler for fleet owners seeking sustainable and cost-effective solutions.
Looking ahead, Kunal Mundra expressed confidence that 2026 will be a breakout year for EV adoption in India, particularly across two-wheelers, three-wheelers, and buses. Furthermore, the company plans to double its deployments in the coming months while expanding its network of financing partners to support rapid growth.
Overall, this Series A round brings Astranova Mobility’s total funding to around $5 million across multiple rounds, underscoring strong investor confidence in its full-stack EV-as-a-service model. As India’s EV market continues to mature, the company’s technology-driven approach to asset management is expected to play a pivotal role in accelerating adoption among commercial fleets.
Astranova Mobility is emerging as a significant player in India’s EV financing and asset management space. By combining technology, financing, and lifecycle management, the company aims to unlock scalable, sustainable mobility solutions and drive the next phase of EV adoption in the country.
