Astranova Mobility raises ₹60 crore in Series A funding led by IvyCap Ventures

The details

• Astranova Mobility raised ₹60 crore in a Series A funding round led by IvyCap Ventures.
• Trucks Venture Capital, Asian Development Bank, and Advantedge Founders also participated in the round.
• Kunal Mundra, founder and CEO of Astranova, said the funds will be used to grow the company over 5x in the next 18 months and deploy USD 1 billion worth of EVs in the next 4 years.
• The company plans to use the capital to enhance its data, AI, and engineering capabilities.
• Astranova Mobility has enabled financing for over 25,000 electric vehicles, spanning two-wheelers to heavy-duty electric trucks.

The bigger picture

• India's EV market is growing rapidly, with the commercial EV segment expected to reach $5.33 billion by 2030.
• Government policies like FAME-II and Delhi's EV Policy 2.0 are driving EV adoption.
• Challenges like limited charging infrastructure and uncertainty about battery life make financing difficult for smaller fleet operators.
• Astranova uses AI and data analytics to assess risk and optimize asset performance, helping to address these challenges.

About the business

• Astranova Mobility provides EV financing, leasing, maintenance, and asset management services for fleet operators and OEMs.
• The company has deployed over 25,000 electric vehicles across categories from two-wheelers to heavy-duty trucks.
• It has ₹350 crore worth of assets under management (AUM) and works with over 50 fleet customers and 20 OEMs.
• Astranova partners with companies like Zypp Electric, Euler Motors, Magenta, Shadowfax, and Eveez.
• The company has 15+ banks and NBFCs as lending partners.

What happens next

• Astranova plans to grow over 5x in the next 18 months.
• The company aims to deploy USD 1 billion worth of EVs in the next 4 years.
• It will focus on enhancing its data, AI, and engineering capabilities.

The deal

Type

funding

Investors

• IvyCap Ventures (lead) — A venture capital firm with a strong track record in the Indian startup ecosystem.
• Trucks Venture Capital (participated) — A Silicon Valley-based auto-tech fund.
• Asian Development Bank (existing) — A multilateral development bank focused on Asia.
• Advantedge Founders (existing) — An early-stage venture capital firm.

Founders

• Kunal Mundra, Founder and CEO

About Astranova Mobility

Product

End-to-end EV asset management including leasing, financing, maintenance, post-sales support, refurbishment, and fleet management

Customers

Fleet operators and original equipment manufacturers seeking EV financing and asset management solutions

How it makes money

Financing and asset management platform connecting banks, NBFCs, lending partners with fleet operators and OEMs

What sets it apart

Comprehensive EV lifecycle management with over 25,000 financed vehicles and strong banking partnerships

Other articles talking about it

• money.rediff
• whalesbook
• Inc42
• saurenergy
• Entrackr
• Indian Startup Times
• Inc42
• Entrackr

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