Astranova Mobility, an electric vehicle financing and asset-management platform, has secured Reserve Bank of India (RBI) approval for its lending subsidiary, NovaFusion Capital, to operate as a non-banking financial company (NBFC).
The licence was secured within 90 days, marking a step towards building a dedicated climate-financing platform.
Astranova aims to achieve ₹5,000 crore in assets under management (AUM) over five years, with funding for its initial ₹200-crore deployment already in place.
Platform builds on EV leasing experience
Astranova has leased more than ₹450 crore worth of EV assets and built a five-year track record across more than 35,000 assets, ranging from two-wheelers and batteries to buses.
The company has recorded minimal credit losses across its deployed assets. Its financing strategy builds on its leasing business and focuses on understanding vehicle utilisation and asset-level risks.
Data-driven lending targets clean mobility
“With over ₹450 crore of EV assets leased to date, we possess the experience and asset-first, data-first approach required to build a financing institution purpose-built for clean mobility,” Astranova Mobility, Founder and CEO, Kunal Mundra, said.
NovaFusion will use telematics, utilisation data, credit assessments and partner insights to evaluate borrowers and manage vehicle-related risks. The approach aims to address financing requirements where asset productivity is as important as conventional credit parameters.
Climate finance targets commercial EVs
“India is estimated to require $100 billion in funding to transition its commercial vehicles to clean energy. The opportunity is not simply to finance more vehicles, but to build a new credit architecture around clean mobility,” NovaFusion Capital, CEO, Shraddha Srimal, said.
“Telematics, utilisation data and partner insights will provide a more granular understanding of risk and asset economics. Specialised climate finance can play a defining role in making EV adoption commercially sustainable,” she said.
Backed by ADB
Astranova is backed by the Asian Development Bank (ADB), IvyCap Ventures, AdvantEdge Founders and Trucks Venture Capital.
With NovaFusion Capital, Astranova Mobility aims to bring together its experience in EV leasing, asset management, technology and data with a dedicated lending platform.
The company sees the RBI licence as an important foundation for expanding access to financing and building a scalable climate-financing franchise for India’s commercial mobility transition.