Astranova Mobility Raises Rs 60 Cr in Series A Round Led by IvyCap Ventures

Astranova Mobility, an EV financing and asset management platform based in Gurgaon, has raised Rs 60 crore in a Series A equity round led by IvyCap Ventures, with participation from existing investors Asian Development Bank and Advantedge Founders, as well as Silicon Valley-based auto-tech fund Trucks Venture Capital, on April 10, 2026.

Founded in mid-2023 by Kunal Mundra in partnership with Grip Invest, the company operates in the commercial EV segment, offering financing, leasing, asset management, repair and maintenance, and fleet technology services. Since inception, it has enabled financing for over 25,000 electric vehicles, ranging from two-wheelers to heavy-duty trucks, with cumulative deployments worth Rs 360 crore.

A portion of the raised capital will go toward expanding the company's data, AI, and engineering capabilities. Alongside the equity raise, Astranova says it has unlocked additional debt capital, and targets 5x growth over the next 18 months, with a longer-term goal of enabling the deployment of USD 1 billion worth of EVs over four years.

Kunal Mundra, Founder and CEO of Astranova Mobility, said, "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. As a significant portion of this capital will be deployed to deepen our data, AI, and engineering capabilities, we are also excited to have Trucks VC on board, enabling access to cutting-edge partners and expertise from the US auto tech ecosystem. 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 Bn EVs in the next 4 years and accelerate India's transition to net zero."

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

Puneeth Meruva, Partner at Trucks Venture Capital, said, "India's transition to commercial electric vehicles will require over $100 billion in financing. Yet, traditional lenders lack the expertise to underwrite EV assets, while small fleet operators remain underserved due to limited credit access. Astranova addresses this gap through a data-first, full-stack platform spanning leasing, asset management, and maintenance. The team's deep operational experience, combined with a differentiated technology stack across fleet operations and vehicle financing, positions them uniquely to execute in a market where nearly 90% of operators remain underserved."

IvyCap Ventures is a Mumbai-based venture capital firm that invests in Indian startups, with a focus on leveraging the IIT alumni network. IndigoEdge served as the exclusive financial advisor for this transaction.