Astranova Mobility is a Gurugram-based EV asset management and leasing startup that helps fleet operators source, finance, maintain, refurbish, and redeploy electric vehicles. It has now raised ₹60 Cr in a Series A round led by IvyCap Ventures, with Trucks Venture Capital joining and existing backers Asian Development Bank and Advantedge Founders also participating. For commercial fleets, the messy part isn’t deciding that EVs matter it’s handling capital, uptime, servicing, and asset life after first deployment. Founded in 2023 by ex-Cars24 CEO Kunal Mundra and Grip Invest cofounder Nikhil Aggarwal, Astranova is trying to own that operational layer rather than just sell financing.
What does Astranova Mobility actually do?
Astranova Mobility runs a full-stack EV leasing model for commercial fleets. A customer starts by sharing fleet requirements, then works with Astranova to choose the right OEM and funding structure. It can then add service, energy, or refurbishment support. It’s basically a bundled workflow for fleet electrification instead of a single loan or vehicle sale.
The company’s operating scope is wider than a lot of EV finance startups. It works across electric 2-wheelers, 3-wheelers, light commercial vehicles, passenger EVs, charging infrastructure, and even batteries. On top of the lease itself, it offers customized operating leases and financing plans. It also offers annual maintenance contracts, certified refurbished vehicles with warranty, and energy packages through swapping and charging partners.
That matters because fleets usually stitch this together from too many vendors. One party supplies the vehicle. Another underwrites the loan. Somebody else handles repairs. Then the operator is left to figure out residual values and redeployment. Astranova’s pitch is that it can take care of due diligence and monitoring. It also handles refurbishment and redeployment, using its own tech and data stack to manage the asset through its lifecycle.
There’s also a financing twist here. Because of its link to Grip Invest, the model wasn’t built only for fleet buyers it was also designed to attract retail and institutional capital into leased EV assets. That gives Astranova a shot at being more than a fleet services company. It can become the asset manager sitting between OEMs, operators, and financiers.
Who founded Astranova Mobility and why now?
The founding story
Astranova was founded in 2023 by Kunal Mundra and Nikhil Aggarwal. The company started out as Electrifi Mobility and later rebranded to Astranova Mobility as it widened its ambition beyond pure EV deployment and began exploring other clean-transport technologies, including hydrogen for larger vehicles such as buses and trucks. That’s not just a name change. It suggests the founders don’t want to be trapped in one drivetrain thesis if commercial transport evolves differently by vehicle class.
Why the founders make sense for this market
Mundra brings the operating side. He previously served as CEO of Cars24 India, and he has more than 20 years across entrepreneurship, financial services, auto, and asset management. Aggarwal brings the capital markets angle. Before Astranova, he cofounded Grip Invest, the alternative investment platform that let investors co-own income-generating assets and lease them to users.
That pairing is unusually practical for EV leasing. One founder knows auto distribution and scale. The other knows structured asset finance. EV fleets need both. A lot of startups can sell vehicles or originate loans. Far fewer can think clearly about residual value, refurbishment, lender confidence, and redeployment economics in the same model.
Past execution and what they’ve already built
Grip matters more here than a casual mention would suggest. By 2023, about 30% of Grip Invest’s portfolio assets were EVs, and Grip had leased 15,000 EV assets worth more than ₹200 Cr across classes over the previous 3 years. That kind of operating history gives Astranova a useful head start in asset selection, financing relationships, and underwriting behavior.
Astranova also didn’t enter as a narrow category player. Mundra said early on that the business had already partnered with OEMs across 2-wheelers, cargo 3-wheelers, and passenger EV segments. So even before the rebrand, the company was being built as a multi-category commercial EV platform, not a single-segment loan book.
Traction, partnerships, and early proof
The startup has deployed more than 20,000 EVs so far and manages assets worth over ₹350 Cr. It has onboarded more than 15 banks, NBFCs, and lending partners, served 20 OEMs, and worked with over 50 fleet customers. Its partner list includes names such as Zypp Electric, Euler Motors, Magenta, Shadowfax, and Eveez.
There’s a real signal in where demand is coming from. Astranova has deployed vehicles across everything from 2-wheelers to LCV buses, but the strongest pull still comes from 2-wheelers especially from quick-commerce operators in big cities. That makes sense. Those vehicles rack up daily utilization fast, and that’s where the unit economics of electrification usually show up earlier.
Mundra also put a number on the near-term business outlook: “From a revenue perspective, we are now going to be at a ₹40 Cr run rate in FY26. We have always focused on profitability in the next 18 to 24 months, we want to grow at least 4X.” That’s ambitious for an asset-heavy business. Not impossible. But it raises the bar on execution.
The fundraising and the real test ahead
The new Series A round brings in ₹60 Cr, led by IvyCap Ventures, with participation from Trucks Venture Capital and existing investors Asian Development Bank and Advantedge Founders. Back in January 2024, the startup raised ₹25 Cr in seed funding, including ₹16 Cr in equity and the rest as debt capital. This fresh money will go into engineering, the data stack, AI capabilities, and team expansion.
How Astranova compares with EV leasing rivals
Its closest competition isn’t one company. It’s a cluster. Vidyut is building a full-stack EV ownership platform around battery subscription and underwriting algorithms. It also uses battery-health data. Turno focuses hard on financing and distribution for commercial electric 3-wheelers, with battery buyback and resale logic baked into the model. Revfin has leaned into lending and IoT-based monitoring. It has also pushed into leasing through battery-swapping partnerships.
Astranova’s difference is breadth. It isn’t pitching just a loan, just a marketplace, or just BaaS. It’s selling lifecycle control — sourcing, lease structuring, maintenance, refurbishment, redeployment, and energy support in one stack. The old-school alternative is still common: buy from an OEM, borrow from a lender, fix breakdowns locally, and worry about resale later. Investors are betting that fleet operators would rather outsource that headache to one specialist platform.
Why Astranova Mobility funding matters
This round matters because Astranova isn’t using the capital just to put more vehicles on the road. It wants to build engineering muscle, deepen its data stack, and add AI into the business. For a company in EV asset management, that’s not fluff. Better data can improve OEM selection and pricing. It can also improve maintenance forecasting, residual-value estimation, and decisions on whether to refurbish or redeploy an asset.
And that’s probably the real investor bet.
Leasing businesses look simple from the outside, but the good ones are really risk-calculation machines. If Astranova can use data and software to predict uptime and optimize service packages, it becomes harder to copy than a standard financier. Faster second-life asset decisions would help too. If it can’t, it risks being just another capital-heavy operator with thin differentiation.
The rebrand also gives the round extra weight. Astranova wants optionality beyond today’s EV categories and is openly looking at hydrogen for larger formats like buses and trucks. That’s still early. But it shows the company is trying to build for commercial clean mobility as a category, not only for the current 2-wheeler boom.
How big is the EV leasing market in India?
India’s policy direction is doing a lot of heavy lifting here. The country’s stated 2030 targets call for EV sales to reach 70% of commercial vehicles, 40% of buses, and 80% of 2- and 3-wheelers a shift that would put roughly 80 million EVs on Indian roads. More than 25 states have already notified EV policies, covering over 90% of the vehicle market.
But adoption is uneven, and that’s exactly why companies like Astranova exist. Recent reporting showed EVs accounted for 6.5% of two-wheeler sales and 52% of commercial three-wheeler sales, while medium and heavy freight still had almost no meaningful clean-mobility penetration at the national level. So the market isn’t moving in one neat wave. It’s moving by use case fast in last-mile and urban delivery, slow in heavier transport where product and financing models are tougher.
That split also explains Astranova’s current shape. It’s strongest where commercial utilization is high and fleet economics are easier to prove, especially in urban 2-wheeler delivery. The long-term upside is much larger than that. The near-term revenue reality isn’t.
What to watch next for Astranova Mobility
Astranova Mobility has raised enough to move from early proof to real systems-building. That’s the interesting part now. Not the headline number.
What matters next is whether it can turn EV leasing into a defensible operating platform one that keeps assets profitable across first use, service life, and second deployment. If it does, Astranova could become one of the more important infrastructure layers in India’s fleet electrification story. If not, this stays a funding headline and nothing more.
Read how RoshAi Raises ₹22 Cr for Industrial Autonomous Vehicles to scale its AI-powered autonomous solutions for industrial operations.
FAQ
What is Astranova Mobility’s latest funding round?
Astranova Mobility has raised ₹60 Cr in a Series A round. IvyCap Ventures led the financing, while Trucks Venture Capital joined and existing investors Asian Development Bank and Advantedge Founders also participated. The company plans to use the capital to build engineering capacity, strengthen its data and AI stack, and hire more people.
How does Astranova Mobility work for fleet operators?
Astranova Mobility works like a bundled EV fleet partner rather than a plain lender. A fleet first shares its requirement, then Astranova helps select the OEM and funding model. After that, it layers in services such as AMC support, refurbishment, redeployment, and energy access.
Who founded Astranova Mobility?
Astranova Mobility was founded in 2023 by Kunal Mundra and Nikhil Aggarwal. Mundra previously ran Cars24 India, while Aggarwal cofounded Grip Invest, which built experience in leasing and income-generating assets, including EVs.
Is Astranova Mobility an EV financing startup or an EV asset management company?
It’s really both, but the sharper label is EV asset management and leasing. Unlike companies focused only on loans or battery subscriptions, Astranova handles a wider lifecycle stack across sourcing, leasing, maintenance, refurbishment, and redeployment for commercial fleets.
