Delhi-based EV startup Pluto Mobility has raised $2 million in a seed funding round to accelerate the development of electric vehicles tailored for last-mile logistics.
The round was led by Version One Ventures, with participation from Grad Capital. The funding also drew backing from founders and senior executives of leading companies including Delhivery, OfBusiness, Pixxel, and Boom Supersonic.
The investment signals strong confidence in Pluto Mobility’s vision to build purpose-designed electric vehicles for India’s rapidly expanding logistics ecosystem.
Building EVs Specifically for Last-Mile Delivery
Designed for Urban Logistics
Founded by Akshat Bhatia and Himanshu Panda, Pluto Mobility is focused on developing electric vehicles engineered specifically for last-mile delivery use cases.
Unlike conventional scooters that are retrofitted for cargo, the startup is building scooter-sized electric vehicles designed from the ground up for logistics operations. This approach allows for better load management, improved durability, and enhanced efficiency in high-density urban environments.
With the rapid growth of e-commerce, quick commerce, and hyperlocal delivery, demand for reliable and cost-effective last-mile transportation solutions is rising sharply.
How the $2 Million Will Be Used
Strengthening Engineering and Product Development
A major portion of the newly raised capital will go toward strengthening engineering capabilities and advancing product development.
As EV technology continues to evolve, startups need to focus heavily on battery optimization, vehicle durability, safety standards, and performance efficiency. Pluto Mobility aims to refine its vehicle platform to meet the operational demands of delivery fleets that run for long hours in congested city conditions.
Expanding the Team
The company also plans to expand its team, particularly in engineering, operations, and business development roles. Building in-house expertise will be crucial as the startup moves from prototype development to pilot deployments and eventual commercial scale.
Launching Pilot Deployments
Pluto Mobility intends to begin pilot deployments in key urban markets. These pilots will likely involve partnerships with logistics operators and e-commerce companies to test vehicle performance under real-world delivery conditions.
Successful pilots could pave the way for fleet-scale adoption.
Why Investors Are Backing Pluto Mobility
A Growing EV Opportunity in Logistics
The last-mile delivery segment presents a compelling opportunity for electric vehicles. Fleet operators are increasingly looking to reduce fuel costs, comply with emission norms, and improve operational efficiency.
Electric vehicles offer lower running costs compared to traditional internal combustion engine vehicles, making them attractive for businesses that operate large delivery fleets.
Backing from Experienced Founders and Executives
The participation of founders and senior leaders from companies such as Delhivery, OfBusiness, Pixxel, and Boom Supersonic adds strategic value beyond capital. These individuals bring operational experience, supply chain knowledge, and global market exposure.
Such backing not only strengthens Pluto Mobility’s credibility but may also open doors to partnerships and customer networks.
The Road Ahead
India’s EV ecosystem is gaining momentum, supported by policy incentives, rising fuel prices, and increasing awareness around sustainability. However, the logistics segment requires vehicles that are durable, cost-efficient, and purpose-built.
By focusing exclusively on last-mile use cases, Pluto Mobility is positioning itself in a niche that combines strong demand with clear operational pain points.
The next milestones for the startup will likely include:
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Completing product validation through pilot programs
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Securing commercial fleet partnerships
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Scaling manufacturing capabilities
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Expanding into additional urban markets
If successful, Pluto Mobility could become a key player in the electric transformation of India’s delivery economy.
