Astranova Mobility, a Gurugram-based electric vehicle financing and asset management startup, has raised ₹60 crore (approximately $6.4 million) in a Series A funding round led by IvyCap Ventures.
The round also saw participation from existing investors including Asian Development Bank, Advantedge Founders, and Trucks Venture Capital.
Funding to Strengthen EV Financing and Technology Platform
Astranova Mobility plans to use the fresh capital to:
- Enhance its data and AI capabilities
- Strengthen engineering and product development
- Expand its EV financing and asset management platform
The company aims to accelerate India’s transition toward commercial electric mobility through technology-driven financial solutions.
/filters:format(webp)/saur-energy/media/media_files/2026/04/09/astranova_team-2026-04-09-14-39-22.jpg)
Addressing the EV Financing Gap in India
India’s commercial EV sector is expected to require over $100 billion in financing, but traditional lenders face challenges in underwriting EV assets.
Astranova Mobility is addressing this gap by offering:
- EV leasing solutions
- Asset management services
- Maintenance and after-sales support
- Refurbishment and redeployment of EV assets
Its data-first approach helps assess risk and improve access to credit for underserved fleet operators.
Strong Market Position and Growth Traction
Founded in 2023 by Mundra (former Cars24 CEO) and Nikhil Aggarwal, Astranova Mobility has quickly built strong traction in the EV ecosystem.
Key milestones include:
- Deployment of over 20,000 electric vehicles
- Management of assets worth ₹350+ crore
- Partnerships with 15+ banks and lenders
- Collaboration with 20 EV manufacturers
- Serving over 50 fleet customers
Strategic Partnerships Across the EV Ecosystem
The company has partnered with key players in India’s EV and logistics space, including:
- Zypp Electric
- Euler Motors
- Magenta Mobility
- Shadowfax
- Eevee
These partnerships enable Astranova to build a comprehensive EV ecosystem spanning financing, operations, and fleet management.
Investor Confidence in Clean Mobility
Vikram Gupta highlighted that Astranova Mobility is playing a key role in India’s clean mobility transition by combining data-driven insights, financing capabilities, and sector expertise.
Puneeth Meruva added that the company’s full-stack platform addresses the needs of a market where nearly 90% of fleet operators remain underserved.
Previous Funding and Expansion Plans
In January 2024, Astranova Mobility raised ₹25 crore in seed funding, including equity and debt components.
With the new Series A funding, the company plans to:
- Scale its platform nationally
- Expand financing solutions for fleet operators
- Strengthen its position in India’s EV ecosystem
Industry Outlook
India’s electric vehicle market is growing rapidly, driven by:
- Government policies promoting EV adoption
- Rising fuel costs and sustainability concerns
- Increasing demand for last-mile and commercial mobility
Startups like Astranova Mobility are playing a crucial role in enabling this transition by solving critical financing and infrastructure challenges.
Read more here: Nava Raises $22 Million in Series A to Build AI Cloud and Data Centre Infrastructure in Asia
Pragya Yadav is a Desk Reporter passionate about delivering accurate and engaging news. She covers breaking stories and trending topics with a strong focus on research, clarity, and impactful storytelling.