Delhi-based electric mobility startup, Pluto Mobility, has raised $2 million in seed funding to develop its electric vehicle (EV) platform for last-mile delivery. The funding round was led by Version One Ventures, with participation from gradCapital and operators across the logistics and hardware sectors.

The seed funding marks Pluto’s first external capital raise.

The company stated that the capital will be deployed to advance engineering development, expand its team, and prepare for pilot deployments scheduled for 2026.

Pluto is building a scooter-sized, fully covered EV engineered specifically for daily repetitive use, last-mile delivery operations with higher load capacity.

The EV is expected to carry up to twice as many orders per trip as conventional commuter scooters used by delivery fleets, while maintaining a compact footprint similar to that of a two-wheeler for city operations.

The company said its focus is on developing a vehicle platform purpose-built for delivery use rather than adapting commuter vehicles with attached storage units.

EV sales in India reached a record 2.27 million units in 2025, an over 16% year-over-year increase from 1.95 million units sold in 2025. EVs accounted for 8% of overall automobile sales, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard.

The EV market consistently surpassed the 100,000-unit mark each month, with October recording the highest sales at 236,629 units, followed by November at 218,641 units and March at 205,299 units. Electric four-wheelers accounted for 7.5% of total sales, or 170,266 units.

India now has over 8.1 million registered EVs. Electric two-wheelers accounted for nearly 56% (1.28 million) of total EVs sold in 2025, while electric three-wheelers constituted 35% (796,658) of all EVs sold during the year.

Last January, Version One Ventures and returning investor USV led a $5 million funding round for Bengaluru-based EV charging solutions provider Bolt.Earth.