Cars 24 India Ex-CEO And Digital Platform Grip Launch Electrifi Mobility To Drive EV Adoption In India


Kunal Mundra, the former CEO of Cars 24 India, has teamed up with the digital investment platform Grip to launch Electrifi Mobility, an electric vehicle (EV) asset management and leasing company founded in June 2023. The goal is to advance electrification in India’s mobility sector. Electrifi Mobility offers a comprehensive asset management solution, covering asset selection, leasing, maintenance, post-sales support, refurbishment, and asset redeployment.

In the past two months, Electrifi Mobility has deployed assets worth INR 10 crore, with additional deals worth Rs 30 crore in the pipeline. The company’s CEO pointed out that one of the key challenges in India’s journey to net-zero emissions is the electrification of transportation. Fleet operators are keen on adopting EVs but often struggle to choose the right assets and secure capital for deployment.

Electrifi Mobility aims to assist fleet operators in selecting the right original equipment manufacturer (OEM) products for their specific needs. Through partnerships with multiple capital providers, the company’s leasing arm will create operating leases for fleet operators, enabling more profitable asset deployments. The operations arm will offer various post-sale value-added services, and the company’s strong asset capabilities will allow fleet operators to return and redeploy assets after refurbishment.

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Electrifi Mobility will utilize its proprietary tech stack to monitor connected vehicles and collect data for deployment optimization. Grip, the digital investment platform, will leverage its fundraising capabilities to meet the substantial capital requirements of the rapidly growing EV sector. Currently, Grip has raised over Rs 200 crore in capital for EV asset leasing. Their leasing partnerships include 30 fleet operators and OEMs, including Tata Motors, Euler Motors, Zypp, BluSmart, Log, Omega Mobility, Charge+Zone, Magenta Mobility, BatterySmart, and Sheru.

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