Gurgaon, April 9: Astranova Mobility, India’s leading EV financing and asset management platform has raised Rs 60 Cr in their Series A round which was led by IvyCap Ventures. The round also saw existing investors Asian Development Bank and Advantedge Founders doubling down, as well as participation from Trucks Venture Capital, a Silicon Valley based auto-tech fund.
Astranova Mobility, founded by Kunal Mundra in mid-2023 in partnership with Grip Invest, was established to accelerate India’s transition to sustainable transportation. The company brings together deep engineering expertise, proprietary data and large-scale data models with robust financing fundamentals to drive electric vehicle adoption in the commercial segment. Since inception, Astranova has enabled financing and allied services for over 25,000 electric vehicles, spanning two-wheelers to heavy-duty electric trucks.
Kunal Mundra, Founder and CEO of Astranova Mobility, said,
“We are delighted to welcome IvyCap Ventures as a partner on this journey. Their deep experience and strong track record in the Indian startup ecosystem, combined with best-in-class access to institutional capital and engineering capabilities through institutions such as the IITs, will be a key differentiator for Astranova.
As a significant portion of this capital will be deployed to deepen our data, AI, and engineering capabilities, we are also excited to have Trucks VC on board, enabling access to cutting-edge partners and expertise from the US auto tech ecosystem.
With this fund raise, we have simultaneously unlocked significant debt capital and are now all set to grow over 5x in the next 18 months which will create a strong foundation for us to enable the deployment of USD 1 Bn EVs in the next 4 years and accelerate India’s transition to net zero.”
Vikram Gupta, Founder and Managing Partner, IvyCap Ventures, said,
“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.”
Trucks Venture Capital’s partner Puneeth Meruva said
“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.”
IndigoEdge served as the exclusive advisor in this fundraise, backing Astranova’s vision towards a net zero India.
