Astranova Mobility, formerly known as Electrifi Mobility, has successfully raised ₹60 crore (approximately $6.4 million) in its Series A funding round. The investment was led by IvyCap Ventures, with additional participation from Trucks Venture Capital and existing investors like the Asian Development Bank and Advantedge Founders.
The funds will be directed towards enhancing the startup's engineering capabilities, expanding its data stack and AI technologies, and growing its team, according to co-founder and CEO Kunal Mundra.
Founded in 2023 by Kunal Mundra, the former CEO of Cars24, and Nikhil Aggarwal, co-founder of Grip Invest, Astranova Mobility specializes in leasing, maintenance, post-sales support, refurbishment, and redeployment of electric vehicle (EV) assets for fleet operators and original equipment manufacturers (OEMs).
To date, the company has deployed over 20,000 EVs and manages assets worth over ₹350 crore. It collaborates with more than 15 banks, non-banking financial companies (NBFCs), and lending partners, serving 20 different OEMs and over 50 fleet customers, including notable partners such as Zypp Electric, Euler Motors, and Shadowfax.
In January 2024, Astranova Mobility raised ₹25 crore in seed funding, comprising ₹16 crore in equity and the remainder in debt. Following this, the company rebranded from Electrifi Mobility to broaden its focus on various technologies, including hydrogen solutions for larger vehicles like buses and trucks.
Mundra expressed optimism regarding the company's financial trajectory, projecting a revenue run rate of ₹40 crore by FY26, with a goal to grow fourfold within the next 18 to 24 months.
While Astranova has diversified its asset deployment across categories, the majority of demand is currently concentrated in the two-wheeler segment, largely driven by quick commerce businesses in urban areas.
This funding round comes at a pivotal moment for the EV sector in India, as increasing awareness of climate change and government incentives are propelling EV adoption. Investors are actively supporting startups in this space, as evidenced by other recent funding activities, including Bounce's ₹36 crore raise and Euler Motors' ₹437.5 crore funding round.
