The round also saw participation from existing investors Asian Development Bank and AdvantEdge Founders with new investor Trucks Venture Capital, a Silicon Valley based auto-tech fund.

A significant portion of the newly raised capital will be used to deepen the company's data, AI, and engineering capabilities. Trucks VC's participation in the round also enables the company's access to partners and expertise from the US auto-tech ecosystem, it said.

"Astranova Mobility is a strong enabler of India's clean mobility transition, combining data-driven insights, financing strength, and deep sector expertise. Their rapid execution and clear vision for the commercial EV segment position them well to scale sustainable transportation nationally. We're delighted to partner with them on this journey," said Vikram Gupta, Founder and Managing Partner, IvyCap Ventures.

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According to Astranova Mobility, with this fundraise, the company now expects to grow 5X in the next 18 months and set the foundation for its ability to deploy $1 billion worth of electric vehicles in the next four years.

Founded in mid-2023 by Kunal Mundra, the company has financed and allied services for over 25,000 EVs spanning two-wheelers and heavy-duty electric trucks.

"India's transition to commercial electric vehicles will require over $100 billion in financing. Yet, traditional lenders lack the expertise to underwrite EV assets, while small fleet operators remain underserved due to limited credit access. Astranova addresses this gap through a data-first, full-stack platform spanning leasing, asset management, and maintenance. The team's deep operational experience, combined with a differentiated technology stack across fleet operations and vehicle financing, positions them uniquely to execute in a market where nearly 90% of operators remain underserved," said Trucks Venture Capital's partner Puneeth Meruva.

Edited by Affirunisa Kankudti