Delhi-based electric vehicle startup Pluto Mobility has raised $2 million in a seed funding round led by Version One Ventures, with participation from Grad Capital.
The round also saw strategic backing from founders and senior executives associated with companies such as Delhivery, OfBusiness, Pixxel, and Boom Supersonic.
The newly raised capital will be deployed to accelerate product and engineering efforts, scale the team, and roll out pilot programs across select urban centres.
Launched in 2024 by Akshat Bhatia and Himanshu Panda, Pluto Mobility is focused on developing electric vehicles purpose-built for last-mile delivery operations.
The startup is developing scooter-sized, fully enclosed electric delivery vehicles engineered to operate in harsh weather conditions while carrying up to twice the order capacity of a conventional two-wheeler. Unlike retrofitted solutions, Pluto is designing its vehicles from the ground up for high-frequency delivery workloads, prioritising throughput, durability, and cost efficiency without adding operational complexity for fleet operators.
The company plans to begin pilot deployments in late 2026, targeting e-commerce and quick-commerce operators across major Indian cities. Currently, Pluto operates an in-house fleet to provide delivery services for select brands while refining its vehicle hardware and performance metrics.
