Important StoriesAhead of Musk in satcom queue, will be happy to get nod at least few days before him: Sunil MittalIndia needs ₹15 lakh cr investment to add 91 GW nuclear capacity by 2047: CEA chairmanWPI inflation rises to 11.39% in Sep on rise in prices of food, fuel, manufactured itemsNoel Tata, son file caveat in city civil court in trust disputeTech Mahindra Q2 preview: Margins seen holding up despite wage hike impactFollow UsFOLLOW US ON WHATSAPPHomeGO BACK TO HOME THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. Astranova Mobility arm gets NBFC licence, targets ₹5,000 cr AUM in 5 years By PTI Updated - October 14, 2026 at 03:01 PM.×ShareWhatsAppXFacebookLinkedInMessengerRedditMailhttps://www.thehindubusinessline.com/money-and-banking/astranova-mobility-arm-gets-nbfc-licence-targets-5000-cr-aum-in-5-years/article71582833.eceCopy Astranova Mobility on Wednesday said its lending subsidiary, NovaFusion Capital, has received approval from the Reserve Bank of India to operate as a Non-Banking Financial Company (NBFC).

The company is targeting ₹5,000 crore in assets under management (AUM) over the next five years, Astranova Mobility Founder & CEO Kunal Mundra told PTI.

"So with the help of this NBFC, our aspiration really is to deploy ₹5,000 crore worth of financing in the next five years. It will be primarily for electric vehicles and only for commercial operators. That means everyone who earns a livelihood with the help of these assets," Mundra shared.

Shraddha Srimal, CEO of NovaFusion Capital said the focus will be on financing India's transition to electric mobility.

"Our area of play is really across any kind of climate-positive assets. Partly the focus is going to be electric vehicles because that's where we see the main play from a commercial transition point of view," Srimal said.

She highlighted that with India estimated to require $100 billion for transitioning its commercial vehicles to electric mobility, the opportunity is not simply to finance more vehicles, but to build a new credit architecture around clean mobility, suitable for its mass adoption.

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