Astranova Mobility Secures Funding for Electric Vehicle Financing

Astranova Mobility, a platform focused on financing and asset management for electric vehicles, has successfully raised Rs 60 crore ($6.4 million) during a Series A funding round led by IvyCap Ventures. This funding round also included participation from notable investors such as the Asian Development Bank and Advantedge Founders, alongside Trucks Venture Capital.

Usage of Funds to Enhance Capabilities

The raised capital will empower Astranova Mobility to augment its data, artificial intelligence, and engineering competencies while expanding its financing platform for electric vehicles.

About Astranova Mobility

Astranova Mobility was established in 2023 by Kunal Mundra in collaboration with Grip Invest. The platform caters to the financing needs for commercial electric vehicles, offering services like leasing, asset management, and maintenance.

Current Impact on the Market

To date, the startup has facilitated financing for over 25,000 electric vehicles, spanning a range of categories that includes two-wheelers, cars, buses, and trucks. Astranova is poised to significantly scale its operations within the next 18 months, aiming to support the widespread deployment of electric vehicle assets.

Previous Funding and Growth

In March of the previous year, Astranova Mobility secured $3 million in funding from a mix of investors, including AdvantEdge, the Asian Development Bank, and Alteria Capital.