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Gurgaon-based Astranova Mobility has raised 60 crore in a Series A funding round led by IvyCap Ventures, with participation from existing investors Asian Development Bank, Advantedge Founders, and Silicon Valley-based Trucks Venture Capital. The funding round was announced on April 10, 2026.
Founded in 2023 by Kunal Mundra in partnership with Grip Invest, Astranova Mobility operates in the commercial EV segment, offering financing, leasing, asset management, maintenance, and fleet technology services. Since its inception, the company has facilitated financing for over 25,000 electric vehicles, spanning two-wheelers to heavy-duty trucks, with cumulative deployments worth ₹360 crore.
The company plans to utilise a portion of the fresh capital to strengthen its data, AI, and engineering capabilities. Alongside the equity raise, Astranova has also unlocked additional debt capital and is targeting a fivefold growth over the next 18 months. It aims to enable the deployment of EV assets worth $1 billion over the next four years.
Kunal Mundra, Founder and CEO of Astranova Mobility, said the partnership with IvyCap Ventures will enhance access to institutional capital and technical expertise, while the inclusion of Trucks Venture Capital will bring global auto-tech insights to the platform.
Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, noted that Astranova’s data-driven approach and strong execution position it well to scale sustainable mobility solutions across India. Puneeth Meruva, Partner at Trucks Venture Capital, added that Astranova is addressing a critical financing gap in India’s commercial EV ecosystem, where a large portion of fleet operators remain underserved.
Mumbai-based IvyCap Ventures focuses on investing in Indian startups by leveraging the IIT alumni network. The transaction was advised by IndigoEdge, which acted as the exclusive financial advisor for the deal.
