New Delhi, April 9 – Electric vehicle financing platform Astranova Mobility has raised ₹60 crore in a funding round led by IvyCap Ventures, the company said on Thursday.
The round also saw participation from 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 well-positioned to grow by over 5x in the next 18 months, which will create a strong foundation for us to deploy USD 1 billion in EVs in the next 4 years and accelerate India's transition to net zero," said Kunal Mundra, Founder and CEO of Astranova Mobility.
The company plans to use a significant portion of the fresh capital to deepen its capabilities in data, AI, and engineering.
"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 access to top-tier institutional capital and engineering capabilities through institutions like 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 its inception, Astranova has enabled financing and allied services for over 25,000 electric vehicles, ranging from 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," said Vikram Gupta, Founder and Managing Partner of IvyCap Ventures.