An executive presents EV asset management data to investors in a modern conference room.
Gurugram-based Astranova Mobility (formerly Electrifi Mobility), an EV asset management and leasing startup, has raised ₹60 Cr (approximately $6.4 million) in a Series A funding round. The round was led by IvyCap Ventures, with participation from Trucks Venture Capital, Asian Development Bank, and Advantedge Founders.
Founded in 2023 by Kunal Mundra, ex-CEO of Cars24, and Nikhil Aggarwal, cofounder of Grip Invest, Astranova Mobility focuses on providing leasing, maintenance, and post-sales support for EV assets. The company also handles refurbishment and redeployment of these assets for fleet operators and original equipment manufacturers (OEMs).
The newly acquired capital will be directed towards enhancing Astranova’s engineering, data, and AI capabilities, as well as expanding its team, according to CEO Kunal Mundra. Astranova currently manages over ₹350 Cr in assets and has deployed more than 20,000 EVs.
AstraNova partners with over 15 banks, NBFCs, and lending institutions, serving 20 OEMs and over 50 fleet clients, including Zypp Electric, Euler Motors, Magenta, Shadowfax, and Eveez. In January 2024, the startup secured ₹25 Cr in seed funding, with ₹16 Cr in equity and the remainder in debt capital. Astranova Mobility changed its name from Electrifi Mobility to explore technologies like hydrogen for larger vehicles.
Mundra anticipates Astranova achieving a ₹40 Cr revenue run rate in FY26 and aims for a 4x growth in the next 18 to 24 months, emphasizing a focus on profitability. While Astranova manages assets across various categories, the demand is largely concentrated in the two-wheeler segment, driven by quick commerce players in major cities.
Other recent funding activities in the EV sector include Bounce raising ₹36 Cr and Euler Motors raising ₹437.5 Cr, indicating active investor interest in the growing EV market in India.
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