In a significant funding development, Astranova Mobility has raised ₹60 crore in a Series A 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 fund.
A significant portion of the funds will be used to strengthen the company’s data, AI, and engineering capabilities. Trucks Venture Capital’s participation is also expected to provide access to global partnerships and expertise from the US auto-tech ecosystem.
“Astranova Mobility is a strong enabler of India’s clean mobility transition, combining data-driven insights, financing strength, and deep sector expertise. Their rapid execution and clear vision for the commercial EV segment position them well to scale sustainable transportation nationally. We’re delighted to partner with them on this journey,” said Vikram Gupta.
With this funding, the company expects to grow 5X over the next 18 months and aims to build the capability to deploy $1 billion worth of electric vehicles over the next 4 years.
Founded in mid-2023 by Kunal Mundra, Astranova Mobility has already financed and supported over 25,000 EVs across segments, including two-wheelers and heavy-duty electric trucks.
“India’s transition to commercial electric vehicles will require over $100 billion in financing. Yet, traditional lenders lack the expertise to underwrite EV assets, while small fleet operators remain underserved due to limited credit access. Astranova addresses this gap through a data-first, full-stack platform spanning leasing, asset management, and maintenance. 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,” said Puneeth Meruva.
The funding marks a key step in Astranova’s expansion as it looks to strengthen its role in India’s growing clean mobility ecosystem.
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