Synopsis
Mundra, who is the CEO of the startup, said a significant portion of the capital will be deployed to strengthen data, AI and engineering capabilities. He added that the company is targeting over five-fold growth in the next 18 months.Existing investors Asian Development Bank and Advantedge Founders also participated in the round, while Trucks Venture Capital joined as a new backer.
Founded in 2023 by Kunal Mundra in partnership with Grip Invest, the company provides financing and asset management solutions for commercial EV operators.
Mundra, who is the CEO of the startup, said a significant portion of the capital will be deployed to strengthen data, AI and engineering capabilities. He added that the company is targeting over five-fold growth in the next 18 months.
“This fundraise will create a strong foundation for us to enable the deployment of $1 billion worth of EVs in the next four years and accelerate India’s transition to net zero,” Mundra claimed.
That may be easier said than done given the current level. Since its inception in 2023, Astranova has had deployments worth more than Rs 360 crore, it said in a statement, financing and supporting over 25,000 electric vehicles.
“Astranova Mobility is a strong enabler of India’s clean mobility transition, combining data-driven insights and financing strength,” said Vikram Gupta, managing partner at IvyCap Ventures.
Highlighting the broader opportunity, Trucks Venture Capital said India’s transition to commercial EVs could require over $100 billion in financing.
“Traditional lenders lack the expertise to underwrite EV assets, while small fleet operators remain underserved. Astranova addresses this gap through a data-first, full-stack platform,” said Puneeth Meruva, partner at Trucks Ventures.
Before the latest round, Astranova had raised $4.99 million across three rounds.
