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Kunal Mundra, the former India CEO of CARS24, has partnered with digital investment platform Grip to build Electrifi Mobility, a full-stack EV asset management and leasing company.

Electrifi aims to build an end-to-end asset management solution covering asset selection, leasing, maintenance, post-sales support, refurbishment and redeployment of EV assets. The company’s tech platform uses an integrated approach to connect lenders, fleet operators and reputable OEMs to create an asset-light and robust EV fleet ecosystem.

In the last two months, Electrifi Mobility has deployed assets worth Rs 10 crore and has deals worth Rs 30 crore in the pipeline, as per a statement. 

“While there have been significant tailwinds in the form of a supportive regulatory framework and an increasing conviction in the economic viability of commercial EVs, at the ground level there are still several challenges that have created a stalemate which is limiting India’s path to electrification. Fleet operators have a significant interest in EV deployment however struggle with assessing the right asset and accessing capital to deploy the same,” said Kunal Mundra, Co-founder and CEO, Electrifi Mobility.

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He further stated that financial Institutions are willing to deploy funds but given their inability to assess residual value, the pace of technology evolution in this space, and the lack of a secondary market, they are hesitant to invest. OEMs, on the other hand, have developed multiple offerings, however, given the higher upfront cost, they too are unable to scale without the right financing partnerships.

Electrifi Mobility wants to fill these gaps by addressing market issues and aims to unlock electrification. Founded in June 2023, Electrifi Mobility’s purpose is to drive India’s net-zero commitment by enabling the seamless transition of commercial fleets to EVs.

“With Electrifi Mobility, Grip will continue to leverage its strength in raising funds to meet the substantial capital requirements in the vastly growing EV sector,” noted Nikhil Aggarwal, Founder and CEO, Grip

“Electrifi’s deep asset management capabilities will help further improve the risk-adjusted reward for our users in future investment options in the EV sector,” he added.

So far, Grip has raised capital of over Rs 200 crore just for EV asset leasing. The company claims it is more than the combined efforts of all other leasing players in the market.