Pluto Mobility Secures $2 Million Seed Funding to Develop EV Delivery Vehicles

Pluto Mobility, an EV startup, has reportedly secured $2 million (₹18.21 crore) in a seed funding round led by Version One Ventures, with participation from Grad Capital.  

As per the news reports, the round also saw backing from angel investors, including executives linked to Delhivery, OfBusiness and Pixxel. 

Founded in 2024 by Akshat Bhatia and Himanshu Panda, the company is developing electric vehicles for last-mile delivery use. It is yet to introduce its first product to the market. Pilot deployments are planned for later in 2026 across select cities. 

Product Design and Rollout Plans 

Pluto is building a scooter-sized electric vehicle with a fully covered body intended to shield riders from heat and rain.  

The company states that the vehicle is designed to carry up to twice the load of a standard electric two-wheeler, while remaining suitable for dense urban traffic. 

The capital raised will be directed towards engineering work, product development and hiring. The company is preparing for pilot testing before moving towards a commercial rollout. 

Market Context 

India’s last-mile delivery market is projected to reach $300.5 billion by 2030, growing at a compound annual rate of 6.7% from 2024. The expansion has been driven by e-commerce and quick commerce demand in large cities. 

The country’s gig and delivery workforce is estimated at 1.2 crore workers in FY25 and is expected to rise to 2.35 crore by 2030. The segment is projected to contribute between 1.25% and 2.5% to GDP, or about ₹2.35 Lakh crores. 

Labour and Policy Developments 

The sector has faced unrest in recent months. Delivery partners across platforms have organised strikes, raising concerns over tight timelines and accident risks. Despite working full time, most remain classified as independent contractors, without access to minimum wages, paid leave or formal social security. 

In January, platforms including Blinkit, Zepto and Swiggy Instamart scaled back 10-minute delivery branding after the Centre intervened following worker protests earlier in 2025. 

Read More: EV Infra Statiq Raises $18 Million To Scale EV Charging Network Across India! 

Conclusion  

The seed round will support product development and pilot deployments planned for 2026. The raise coincides with growth and policy scrutiny in the delivery sector. 

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