Astranova Mobility Raises ₹60 Cr Funding

New Delhi, Apr 9 (PTI) Electric vehicle financing platform Astranova Mobility has raised Rs 60 crore in a funding round led by IvyCap Ventures, the company said on Thursday.

The round also saw existing investors – Asian Development Bank and Advantedge Founders. It also witnessed participation from Trucks Venture Capital, a Silicon Valley-based auto-tech fund, the company said in a statement.

"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 billion EVs in the next 4 years and accelerate India's transition to net zero," Astranova Mobility, Founder and CEO, Kunal Mundra said.


The company plans to deploy a significant portion of the fresh capital to deepen data, AI, and engineering capabilities.

"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," Mundra said.

Astranova Mobility, founded by Mundra in mid-2023 in partnership with Grip Invest, was established to accelerate India's transition to sustainable transportation. Since inception, Astranova has enabled financing and allied services for over 25,000 electric vehicles, spanning two-wheelers to heavy-duty electric trucks.

"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," IvyCap Ventures, Founder and Managing Partner, Vikram Gupta said.