National | Astranova Mobility, India’s fastest-growing EV financing and asset-management platform, has announced that its lending subsidiary, NovaFusion Capital, has received approval from the Reserve Bank of India (RBI) to operate as a Non-Banking Financial Company (NBFC). Secured within just 90 days, the licence marks a significant step in Astranova’s evolution towards building a dedicated climate-financing platform. The company is targeting ₹5,000 crore in assets under management (AUM) over the next five years with capital for its first ₹200 Cr deployment already in place.
The licence presents a unique opportunity for Astranova, as India increasingly transitions to electric mobility due to viable total cost of ownership (TCO) benefits alongside policy momentum. As EV adoption moves from policy-led growth to commercially driven, mass-market adoption, financing is emerging as the critical enabler. An estimated USD 100 billion commercial EV market, alongside a gig workforce expected to grow 3x to 3 crores by 2030, points to a rapidly expanding pool of borrowers with a need for income-generating assets. This requires larger-ticket, purpose-built financing however currently, gig workers and 3W/4W drivers remain underserved, as traditional lenders often need to assess not only the borrower’s credit profile but also the asset, its utilisation and its ability to generate income.
Commenting on this milestone, Mr Kunal Mundra, Founder and CEO, Astranova Mobility, said, “The NBFC licence allows us to build on our 5+ years of experience financing and managing EV assets and takes that capability to the next level. With over ₹450 crore of EV assets leased till date , we possess the deep experience and asset-first, data-first approach required to build a financing institution purpose-built for the economics of clean mobility. The next phase of EV adoption, we believe, will require financing to move beyond conventional credit models and evolve around how these assets are utilised, generate income and retain value. NovaFusion Capital is envisioned as a scalable climate-financing platform that can expand access to capital today while building the financial infrastructure needed for India’s transition to cleaner commercial mobility over the next decade.”
Astranova’s approach combines asset-level intelligence with credit assessment, using telematics and large data models to monitor and manage vehicle risk while evaluating a borrower’s ability to utilise the asset, alongside platform and partner data to assess intent. This model is designed to address a financing segment where understanding the asset and its utilisation can be as important as conventional credit parameters. The sustainable business model that Astranova has built so far with strong leasing unit economics and a very minimal loss ratio across 450 Cr of deployed assets will be the base for building its financing arm.
Adding to this, Shraddha Srimal, CEO, NovaFusion Capital, said, “India’s commercial transition to clean mobility will require financing models that understand how these assets generate income. With India estimated to require USD 100 billion in funding to transition its commercial wheels to clean energy, the opportunity is not simply to finance more vehicles, but to build a new credit architecture around clean mobility, suitable for mass adoption of clean mobility. Telematics, utilisation data and partner insights will ensure a more granular understanding of risk and asset economics. Specialised climate finance can therefore play a defining role in taking EV adoption from early scale to a broader, commercially sustainable transition.”
Astranova has already built a 5+ year track record in EV leasing and financing, with more than 35000 EV assets from 2Ws to batteries to buses, funded through its own and partner balance sheets while recording minimal credit losses. The company is backed by 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.
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