EV Financing & Asset Management Startup Astranova Mobility Raises ₹60 Cr

EV asset management and leasing startup Astranova Mobility (previously known as Electrifi Mobility) has secured ₹60 Cr (about $6.4 Mn) in its Series A funding round led by IvyCap Ventures, with participation from Trucks Venture Capital.

The funding round also saw participation from existing investors Asian Development Bank and Advantedge Founders.

The startup plans to use the capital to invest in its engineering capabilities, data stack, and AI capabilities, and expand its team, Astranova cofounder and CEO Kunal Mundra told Inc42.

Founded in 2023 by ex-Cars24 CEO Mundra and Grip Invest cofounder Nikhil Aggarwal, Astranova Mobility offers leasing, maintenance, post-sales support, refurbishment, and redeployment of EV assets to fleet operators and original equipment manufacturers (OEMs).

Mundra claimed that Astranova has deployed over 20,000 EVs to date and has more than ₹350 Cr worth assets under management (AUM). With more than 15 banks, NBFCs and lending partners onboard, it has served 20 different OEMs and over 50 fleet customers.

It counts Zypp Electric, Euler Motors, Magenta, Shadowfax, and Eveez among its partners.

In January 2024, the Gurugram-based startup secured ₹25 Cr in its seed funding round, of which ₹16 Cr was equity funding and the remaining was debt capital. A year after that, the startup changed its name from Electrifi Mobility to Astranova Mobility to explore other technologies, including hydrogen, for large vehicles, including buses and trucks.

Commenting on the financial performance, Mundra said, “From a revenue perspective, we are now going to be at a ₹40 Cr run rate in FY26. We have always focused on profitability… in the next 18 to 24 months, we want to grow at least 4X.”

While Astranova has deployed assets across categories from two-wheelers to light commercial vehicle (LCV) buses, demand remains largely concentrated in the two-wheeler segment, driven by quick commerce players in major cities.

The funding comes at a time when rising awareness about climate change, India’s net zero emissions target, and subsidies by the central and state governments are pushing up EV adoption in the country. 

As a result, investors are actively backing startups operating in the segment. For instance, Inc42 exclusively reported last month that EV startup Bounce raised ₹36 Cr in a round led by existing investors Accel and B Capital. 

Last month, electric commercial vehicle maker Euler Motors also raised ₹437.5 Cr in a round led by Lightrock, with participation from existing investors Hero MotoCorp and Blume Ventures. 

The post EV Financing & Asset Management Startup Astranova Mobility Raises ₹60 Cr appeared first on Inc42 Media.