EV Financing Startup Astranova Secures INR 60 Cr Funding Led by IvyCap
The round also included participation from existing investors Asian Development Bank and Advantedge Founders, along with Trucks Venture Capital.
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Astranova Mobility, an electric vehicle (EV) financing and asset management platform, has raised INR 60 crore (about USD 6.4 million) in a Series A funding round led by IvyCap Ventures.
The round also included participation from existing investors Asian Development Bank and Advantedge Founders, along with Trucks Venture Capital.
The startup said it will use the funds to strengthen its data, artificial intelligence, and engineering capabilities, while expanding its EV financing platform.
Founded in 2023 by Kunal Mundra in partnership with Grip Invest, Astranova offers financing and related services for commercial electric vehicles. Its services include leasing, asset management, maintenance, roadside assistance, and recovery, supported by technology tools and dashboards.
The startup claims to have enabled financing for more than 25,000 EVs across segments such as two-wheelers, cars, buses, and trucks. These deployments, valued at over INR 360 crore, cater mainly to logistics customers.
Astranova plans to scale its operations over the next 18 months and support wider deployment of EV assets.
In March last year, the startup had raised USD 3 million in an earlier funding round from investors including AdvantEdge, Asian Development Bank, and Alteria Capital, as it continues to expand access to EV financing.
Astranova Mobility, an electric vehicle (EV) financing and asset management platform, has raised INR 60 crore (about USD 6.4 million) in a Series A funding round led by IvyCap Ventures.
The round also included participation from existing investors Asian Development Bank and Advantedge Founders, along with Trucks Venture Capital.
The startup said it will use the funds to strengthen its data, artificial intelligence, and engineering capabilities, while expanding its EV financing platform.
Founded in 2023 by Kunal Mundra in partnership with Grip Invest, Astranova offers financing and related services for commercial electric vehicles. Its services include leasing, asset management, maintenance, roadside assistance, and recovery, supported by technology tools and dashboards.
The startup claims to have enabled financing for more than 25,000 EVs across segments such as two-wheelers, cars, buses, and trucks. These deployments, valued at over INR 360 crore, cater mainly to logistics customers.
Astranova plans to scale its operations over the next 18 months and support wider deployment of EV assets.
In March last year, the startup had raised USD 3 million in an earlier funding round from investors including AdvantEdge, Asian Development Bank, and Alteria Capital, as it continues to expand access to EV financing.
