Pluto Mobility Raises $2 Million Seed Round to Fund Last-Mile Delivery Vehicle Development

Delhi-based electric vehicle start-up Pluto Mobility has raised $2 million in seed funding to develop and deploy electric vehicles purpose-built for last-mile logistics in India. The round was led by Version One Ventures, with participation from Grad Capital and angel investors from companies including Delhivery, OfBusiness, Pixxel, and Boom Supersonic.

The company, founded by Akshat Bhatia and Himanshu Panda, will use the capital to build out its engineering team, advance product development, and run pilot deployments in urban markets later in 2026.

Pluto Mobility's vehicle is scooter-sized, fully covered, and designed to carry up to twice the order volume of a standard two-wheeler while retaining the manoeuvrability of a two-wheeler. According to the comapny, the design targets a structural gap in India's last-mile delivery market, where most fleets rely on personal-use two-wheelers that were not engineered for high-frequency, multi-drop delivery workloads.

Operators running such fleets are effectively forced to choose between overloading vehicles or switching to larger ones that are harder to navigate in dense urban areas.

"India's last-mile challenge isn't speed, incentives, or apps. It's that delivery operations are built on vehicles never designed for delivery workloads," said Akshat Bhatia, CEO of Pluto Mobility. "That mismatch caps how much can be moved per trip, increases failures at scale, and quietly affects delivery economics."

"Pluto Mobility is taking a fundamentally different approach to last-mile delivery by designing vehicles specifically for throughput and operational reliability," said Boris Wertz, Founding Partner at Version One Ventures.

The company's initial focus is on e-commerce and quick-commerce delivery use cases. Pluto Mobility also operates its own in-house fleet to provide delivery services directly to brands.