Astranova Mobility Pvt Ltd, formerly known as Electrifi Mobility, one of the largest deployers of EV assets in the country, has set an ambitious goal of deploying over $1 billion in sustainable transportation assets over the next five years.
Launched in 2023, Astranova Mobility, alongside its sister concern Grip Invest, has helped more than 50 fleet operators electrify their operations, covering over 2 million green kilometres and reducing 40,000 tonnes of CO₂ emissions annually. Astranova Mobility envisions a future where seamless financing, robust infrastructure, and scalable EV solutions come together to drive India toward net-zero transportation.
Kunal Mundra, CEO and Co-founder, Astranova Mobility outlined: “As Astranova Mobility, we're doubling down on our commitment to accelerate sustainable transportation in India at scale. With nearly 20,000 EVs already deployed and a $1 billion vision, we're fostering a collaborative ecosystem for financiers, OEMs, and fleet operators. Our immediate focus is on doubling our deployments to over 40,000 EVs in the next year, expanding our partnerships, and attracting the investment needed to fuel this next phase of growth.”
He further highlighted a critical financing gap in the sector, “One of the key challenges for all sustainable transportation technologies including EVs is the access to financing. Traditional financiers struggle with the rapid evolution of technology, uncertain residual values, and an ecosystem that is still taking shape. With limited confidence in the assets themselves, lenders rely heavily on the creditworthiness of borrowers.
However, the average fleet operator is an MSME with constrained balance sheet strength, making it difficult to secure financing. As a result, fewer than 10% of potential buyers are able to access the right financing at the right price, creating a significant barrier to EV deployment. We aim to solve this problem and enable our customers to profitability move to sustainable transportation options like EVs”
To address this challenge, Astranova Mobility has partnered with India’s largest public and private financial institutions, including banks and NBFCs, to develop innovative asset-backed financing models specifically tailored to this emerging sector.
Astranova Mobility has raised equity capital from marquee investors such as Asian Development Bank (ADB) Ventures and AdvantEdge, reinforcing the company's role in solving key challenges in deployment of sustainable transportation solutions in India. With its data-driven, asset-first model, Astranova Mobility aims to drive large-scale adoption by fleet operations enabled by their full-stack solutions.
The company recently announced its rebranding as Astranova Mobility from Electrifi Mobility. The strategic transformation reflects the company's expanded vision of advancing India's sustainable mobility ecosystem beyond just EVs through its asset-first data-first technology platform, bringing together key stakeholders and innovative solutions for the next decade of sustainable transportation.
Over the past 18 months, Astranova Mobility has collaborated with leading fleet operators and top financial institutions to drive innovation in electric vehicle (EV) financing and deployment. With a proprietary data stack, innovative financing structures, and deep asset expertise, the company has facilitated the deployment of thousands of new and pre-owned EVs across two-wheelers, three-wheelers, cars, and light commercial vehicles (LCVs), along with essential infrastructure such as batteries and chargers.
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