Ex-CARS24 CEO’s EV Startup Electrifi Renamed To Astranova Mobility

Former CARS24 CEO Kunal Mundra’s EV startup Electrifi Mobility has renamed itself to Astranova Mobility. The Gurugram-based startup said that the reason behind the move is to expand its vision beyond EV for sustainable mobility.

“We want to be at the forefront of enabling the adoption of any new technology that comes into the market related to sustainable transportation,” Mundra told Inc42.

Furthermore, he said that the company will move towards exploring other technologies, including hydrogen, which is focused on large vehicles, including buses and trucks.

Founded by Mundra and Grip Invest’s founder Nikhil Aggarwal in 2023, Astranova is an EV asset management and lease financing startup which helps commercial fleets to transition to electric vehicles by offering several solutions including product recommendation, leasing financial options and value-added services. 

The startup also leverages AI and machine learning to its data tech platform, which helps its customers to use their EV vehicles efficiently.

In January, the company raised INR 25 Cr as part of a seed funding round in a mix of debt and equity to shore up hiring, expand its footprint and scale up the deployment of assets and service infrastructure. It is backed by investors including Asian Development Bank (ADB) Ventures and AdvantEdge Founders.

Moving ahead, the company aims to expand across geographies and into new services including energy solutions. Additionally, it looks to double its fleet to 40,000 vehicles within the next 12 months.

The development comes at a time when India’s EV sector is booming along with push from investors as well as the government.

A few months back, the union cabinet approved ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM aE-DRIVE) Scheme’ with an outlay of INR 10,900 Cr for a period of two years. 

Under PM E-DRIVE, the government aims to provide subsidies and demand incentives worth INR 3,679 Cr for electric two-wheelers (E2Ws), three-wheelers (E3Ws), ambulances, trucks and other emerging EVs.

On the other hand, global giant Tesla has fastened its entry into the Indian market by beginning the process to ship a few electric cars to a port near Mumbai over the coming months.  Post that, the company is likely to set up a manufacturing plant in the country. Tesla has also finalised two locations for its showrooms in Delhi and Mumbai.

Similarly, in January, manufacturing giant Blue Energy Motors has inked a pact with the Maharashtra government to set up an electric truck manufacturing plant with an initial investment INR 3,500 Cr (around $400 Mn)

As per Inc42 India’s Electric Vehicle Startup Landscape Report, 2025, last year, the number of electric four-wheelers registered more than doubled from 73K in 2023. The Indian EV market is anticipated to cross the $132 Bn mark till 2030. The country is currently home to more than 119 EV startups.