Astranova Mobility, a Gurugram-based electric mobility startup, has secured ₹60 crore in a Series A round to accelerate electric vehicle adoption among India’s commercial fleet operators. The funding round was led by IvyCap Ventures, with participation from Asian Development Bank, AdvantEdge Founders and new investor Trucks Venture Capital.
Targeting underserved small fleet owners
Founded in 2023 by Kunal Mundra and Nikhil Aggarwal in partnership with Grip Invest, Astranova focuses on small and mid-sized fleet owners who typically face barriers accessing credit from traditional banks. This segment represents a substantial portion of India’s logistics ecosystem, yet remains underserved by formal lenders.
Full-stack EV platform for commercial fleets
Astranova positions itself as an end-to-end mobility platform rather than a pure financier. Its integrated offering spans vehicle selection, financing and leasing, operations support, maintenance and roadside assistance, as well as vehicle refurbishment.
The company provides fleet operators with dashboards and analytics to monitor vehicle performance, utilisation and operating costs, helping businesses make data-driven decisions and optimise fleet economics.
Scale and product expansion
To date, Astranova says it has financed more than 25,000 electric vehicles across two-wheelers, passenger cars, trucks and buses, with an asset value exceeding ₹360 crore. The startup recently expanded into the electric bus segment through a partnership with intercity bus operator Zingbus, broadening its presence in passenger mobility.
Use of funds and growth outlook
The ₹60 crore infusion will be deployed to enhance the company’s technology stack, with a specific focus on artificial intelligence and data analytics to improve underwriting, fleet management and predictive maintenance. Astranova has set an ambitious target to grow fivefold within the next 18 months by scaling its product suite and geographic reach.
Financially, the startup reported revenue of ₹9.64 crore for the year ending March 2025. Prior to this Series A, it had raised roughly $5 million in earlier rounds and was valued at about ₹81.7 crore in early 2026.
Medium-term ambitions
Looking ahead, Astranova plans to deploy EV assets worth $1 billion over the next four years, aiming to capture a larger share of India’s transition to cleaner, electrified commercial transport. As policymakers and corporates push for decarbonisation, the company seeks to capitalise on rising demand for financing and operational solutions tailored to electric fleets.
