Mitra EV Raises $27M to Scale Fully Managed EV Fleets, Saving up to 75% in Operating Costs

On February 3, 2026, Mitra EV announced a $27 million financing package that includes equity funding led by Ultra Capital and a credit facility from S2G Investments. Mitra EV is a commercial fleet electrification platform focused on delivering immediate operating cost savings to fleet operators without upfront capital requirements.

The new capital supports Mitra’s expansion at a time when fleet operators are prioritizing solutions that generate immediate returns amid tighter capital markets and broader industry pullbacks in electric vehicles. The raise reflects growing demand for capital-efficient electrification models designed to deliver rapid payback.

Commercial EVs are already cost-effective across an expanding range of use cases, even without federal tax credits. For many operators, the core challenge is not the financial viability of electrification but the time, expertise, and resources required to assess fleet readiness and navigate vehicle selection, charging infrastructure, incentives, and financing. This burden is particularly significant for small and mid-sized businesses, which represent 99 percent of U.S. fleet operators.

Mitra addresses these barriers through a fully managed electrification model serving SMBs and larger fleets. The company combines no-upfront-cost EV leasing from leading OEMs such as General Motors, Ford Motor Company, and Mercedes-Benz with dedicated overnight charging and access to a growing shared DC fast-charging hub network. The integrated approach delivers operating cost reductions of up to 75 percent, driven primarily by lower fuel and maintenance expenses.

The financing includes both equity and Mitra’s first institutional debt facility, structured to support asset deployment in a dynamic policy and market environment. Ultra Capital first invested in Mitra in 2023, leading a $5 million seed round. According to Kristian Hanelt, Partner at Ultra Capital, the firm backed Mitra early based on the team’s execution focus and its charging-led model, which scales efficiently and delivers strong fleet economics even without federal incentives.

“Fleet electrification makes economic sense when you focus on the right use cases and remove operational friction, which is why we built Mitra,” said Galina Russell, co-founder and CEO of Mitra EV. “Our customers want solutions that work for their business today, not five years from now. By managing the entire process and delivering guaranteed cost savings from day one, we provide fleets with a fast path to lower operating expenses, improved reliability, and advanced data on their entire fleet operation.”

“Mitra plugged directly into our existing fleet cycle – no disruptions, no heavy lift on our end,” said Jason Hanson, President and CEO of Sierra Pacific, a California-based home services company that provides plumbing, electrical heating, air conditioning, and solar for homeowners. “As a business owner operating a midsize, mixed fleet, I’m always looking for ways to optimize performance and reduce operating costs. Choosing electric through Mitra wasn’t about checking a box, it was simply the smarter, more efficient option that improved our bottom line almost immediately.”

Mitra recently launched what it describes as the nation’s first shared DC fast-charging hub network purpose-built for urban commercial fleets. By expanding charging access in dense markets where availability is often the primary constraint, the hubs enable additional fleet adoption, improve asset utilization, reduce interconnection and utility complexity, and support scalable infrastructure deployment.

The company will use the new financing to expand its shared charging network, deploy additional fleet solutions, and scale its capital-efficient electrification platform into new markets.

Mitra EV operates as a vehicle- and charger-agnostic platform, working across a broad ecosystem of manufacturers and charging technology providers. Its fully managed model is designed to remove capital and operational friction, accelerate fleet electrification, reduce operating costs by up to 70 percent, and improve reliability, driver experience, and sustainability.

“The way we structured this financing matters as much as the amount,” said James Tong, co-founder and chief strategy officer of Mitra EV. “It gives us the flexibility to deploy the right mix of vehicles, overnight charging, and shared fast-charging hubs to address real fleet needs now and scale responsibly over time.”