Pluto Mobility Raises $2Mn Seed Fund for Delivery-Centric EV Design

Pluto Mobility, a Delhi-based electric mobility start-up developing vehicles for last-mile logistics, has raised $2mn in seed funding, the company informed today in a statement.

Pluto Mobility said the funding will be used to expand engineering and product development, grow the team and prepare for pilot deployments across major cities later this year.

The round was led by Version One Ventures with participation from Grad Capital, as well as founders and senior executives from Delhivery, OfBusiness, Pixxel and Boom Supersonic.

Founded by Akshat Bhatia and Himanshu Panda, the company is building compact, fully covered electric vehicles designed for delivery operations. The vehicles are scooter-sized and built to carry a higher number of orders per trip compared to standard two-wheelers.

Version One Ventures’ founding partner Boris Wertz said Pluto Mobility’s approach focuses on operational reliability.

“India’s last-mile challenge isn’t speed, incentives, or apps. It’s that delivery operations are built on vehicles never designed for delivery workloads,” said Bhatia, CEO of Pluto Mobility. “That mismatch caps how much can be moved per trip, increases failures at scale, and quietly affects delivery economics,” he added.

The company’s design approach focuses on delivery-specific requirements. Current last-mile fleets largely rely on standard two-wheelers built for personal use rather than frequent, multi-stop delivery workloads. Pluto Mobility aims to address this by engineering vehicles that can carry up to twice the number of orders while maintaining the manoeuvrability of a two-wheeler.