Astranova Mobility Raises Rs 60 Cr in Series A Round Led by IvyCap Ventures

Astranova Mobility, an EV financing and asset management platform based in Gurgaon, has raised Rs 60 crore in a Series A equity funding round led by IvyCap Ventures. The round also saw participation from Asian Development Bank, Advantedge Founders, and Silicon Valley based Trucks Venture Capital.

The company plans to use the capital to scale its technology capabilities, strengthen AI driven systems, and expand its presence in India’s commercial electric vehicle financing ecosystem.

EV financing platform targets rapid expansion

Astranova Mobility operates as a full stack EV financing and fleet management platform focused on the commercial electric vehicle segment. Its services include vehicle financing, leasing, asset management, repair and maintenance, and fleet technology solutions.

Founded in mid 2023 by Kunal Mundra in partnership with Grip Invest, the company has financed over 25,000 electric vehicles so far. These range from electric two wheelers to heavy duty trucks, with total deployments worth Rs 360 crore since inception.

The company now aims to scale over 5 times in the next 18 months, supported by both equity and newly unlocked debt capital. It also has a long term target of enabling USD 1 billion worth of EV deployments over the next four years.

Funding to boost AI and data capabilities

Strong focus on AI driven underwriting systems

A major portion of the fresh capital will be invested in strengthening data systems, artificial intelligence capabilities, and engineering talent. The goal is to improve credit underwriting, fleet optimisation, and operational efficiency across the EV ecosystem.

Expanding integrated EV financing model

The company has also unlocked additional debt funding alongside the equity round, enabling faster scaling of EV financing operations. Astranova believes that traditional lending institutions lack EV specific underwriting expertise, creating a gap that data driven platforms can fill.

Improving access for fleet operators

Its integrated model combines financing, leasing, maintenance, and fleet services, helping improve accessibility for small and mid sized fleet operators. This approach is designed to reduce friction in EV adoption across commercial segments.

Strong investor confidence in EV financing sector

Investors expressed strong confidence in Astranova Mobility’s growth potential and market approach. IvyCap Ventures highlighted the company’s data driven model and its ability to scale clean mobility financing solutions across India.

Trucks Venture Capital noted that India’s commercial EV transition will require over 100 billion dollars in financing. It added that most traditional lenders are not equipped to assess EV asset risk, leaving a large underserved market.

The firm believes Astranova’s technology first approach and operational experience position it strongly in this rapidly evolving sector.