Gurugram-based Astranova Mobility has raised ₹60 crore in its Series A funding round, taking a big step towards growing electric vehicle (EV) usage in India’s commercial sector. The round was led by IvyCap Ventures, with support from existing investors Asian Development Bank and AdvantEdge Founders, along with new investor Trucks Venture Capital.
Started in 2023 by Kunal Mundra and Nikhil Aggarwal, along with Grip Invest, the company focuses on helping small fleet owners who find it difficult to get loans from traditional banks. This segment makes up a large part of India’s logistics industry but is often ignored by lenders.
Building a Full-Stack EV Platform
Astranova is not just a financing company. It offers a complete platform that covers everything from choosing EVs to financing, leasing, maintenance, roadside help, and even refurbishing vehicles. It also gives users simple dashboards to track performance and manage costs.
So far, the company has financed over 25,000 EVs, including two-wheelers, cars, trucks, and buses. These vehicles are worth more than ₹360 crore. Recently, Astranova also entered the electric bus segment through a partnership with Zingbus, expanding its reach in the mobility space.
Growth Plans and Future Outlook
The company plans to use the new funds to improve its technology, especially in AI and data analytics. It aims to grow five times in the next 18 months by expanding its services and strengthening its platform.
In terms of financials, Astranova reported a revenue of ₹9.64 crore for the year ending March 2025. Before this round, it had already raised around $5 million through earlier funding rounds. Its valuation in early 2026 stood at about ₹81.7 crore.
Going forward, the startup plans to deploy EV assets worth $1 billion over the next four years. With India moving towards cleaner energy and more EV adoption, Astranova is aiming to play an important role in this shift.