Astranova Mobility, an EV financing and asset management startup, has raised Rs 60 crore (US$6.4 million) in a Series A funding round led by IvyCap Ventures.
The round also included existing investors like Asian Development Bank and Advantedge Founders, along with Trucks Venture Capital.
The company will use the funds to improve its data, AI, and engineering, and to expand its EV financing platform.
“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, Founder and Managing Partner, IvyCap Ventures.
“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 Trucks Venture Capital’s partner Puneeth Meruva.
Astranova Mobility was founded in 2023 by former Cars24 CEO Mundra and Grip Invest co-founder Nikhil Aggarwal. The company is based in Gurugram.
It offers services like EV leasing, maintenance, after-sales support, refurbishment, and redeployment for fleet operators and manufacturers.
So far, the company has deployed over 20,000 electric vehicles and manages assets worth more than ₹350 crore. It has partnered with over 15 banks and lenders, worked with 20 EV manufacturers, and served more than 50 fleet customers.
Its partners include Zypp Electric, Euler Motors, Magenta Mobility, Shadowfax, and Eevee.
In January 2024, the startup raised ₹25 crore in seed funding, with ₹16 crore in equity and the rest as debt.
Read More- Xora Appoints Eric Rosenblum as General Partner to Grow U.S. and AI Investments
