Electrifi Mobility, an EV financing and asset management company, has rebranded as Astranova Mobility, reflecting its expansion beyond electric vehicles. The company plans to deploy $1 billion in sustainable transportation assets over the next five years.
Astranova Mobility has over 20,000 EV assets on the road and raised Rs 24 crore in early 2024 in a seed funding round led by Asian Development Bank (ADB) Ventures and AdvantEdge. The name Astranova combines ‘Astra’ (celestial guidance) and ‘Nova’ (transformation), indicating a broader scope beyond EVs.
The company launched in 2023 along with Grip Invest and has supported 50 fleet operators in electrifying their operations. It claims to have facilitated 2 million green kilometers annually and reduced 40,000 tonnes of CO₂ emissions. Its services include EV asset selection, financing, leasing, repair and maintenance, roadside assistance, and refurbishment.
“The transition to Astranova Mobility marks a significant milestone in our growth journey. It reflects our broader vision and commitment to transforming India’s mobility landscape and helping India achieve net-zero. Over the past 18 months, we have worked relentlessly to address the core challenges of EV adoption—bridging the financing gap, ensuring high vehicle uptime, and providing data-driven insights that empower fleet operators, financiers, and OEMs alike. As the industry evolves, new technologies like hydrogen will scale, and we are committed to enabling their adoption—just as we have for EVs. With collaboration, innovation, and determination, we believe Astranova Mobility will play a crucial role in shaping the future of sustainable transportation.”Kunal Mundra, Co-Founder and CEO, said.
Astranova Mobility plans to expand its fleet to 40,000 vehicles in the next 12 months and broaden its investor base. It has partnerships with 20 original equipment manufacturers (OEMs) and 10+ financial institutions. The company intends to integrate new technologies, including hydrogen, as part of its growth strategy.