Astranova Mobility Raises $6.4M in Series A to Fuel India's Commercial EV Financing Boom

Astranova Mobility, a leading Indian startup in EV financing and asset management, has secured $6.4 million in a Series A funding round.

The round was led by IvyCap Ventures, with participation from Asian Development Bank, AdvantEdge Founders, and Trucks Venture Capital.

Company's Rapid Growth and Milestones

Founded in 2023 by Kunal Mundra in partnership with Grip Invest, Astranova specializes in leasing, maintenance, and lifecycle management for commercial electric vehicles.

The startup has already financed over 25,000 EVs across two-wheelers, cars, buses, and trucks, establishing a strong foothold in India's burgeoning EV market.

Prior to this round, Astranova raised $3 million in seed funding in March 2025 from investors including AdvantEdge, Asian Development Bank, and Alteria Capital.

Strategic Use of Funds for Expansion

The fresh capital will bolster the company's data, AI, and engineering capabilities to enhance its EV financing platform.

Astranova aims to scale operations across commercial EV segments over the next 18 months, enabling large-scale asset deployment.

Impact on India's EV Ecosystem

This funding comes at a pivotal time as India accelerates its EV adoption to meet sustainability goals and reduce emissions from commercial fleets.

By providing comprehensive financing solutions, Astranova is bridging critical gaps for fleet operators transitioning to electric mobility.

Looking ahead, the startup's innovations in asset management could drive widespread electrification in logistics, public transport, and last-mile delivery.

With this infusion, Astranova Mobility is poised to play a transformative role in shaping India's green transportation future.