Wed. Apr 17th, 2024

New Delhi, September 22, 2023: Kunal Mundra, the former India CEO of CARS24, has partnered with Grip, India’s leading digital investment platform for curated non-market linked alternative investment opportunities, to kickstart Electrifi Mobility, a Full-stack EV Asset Management and Leasing company. The company aims to unlock India’s mobility electrification through an end-to-end asset management solution covering asset selection, leasing, maintenance, post-sales support, refurbishment and redeployment of EV assets. The company’s integrated approach combined with a strong tech platform connects lenders, fleet operators and reputable OEMs to create an asset-light and robust EV fleet ecosystem. In the last 2 months, Electrifi Mobility has already deployed assets worth INR 10 crores with more deals worth INR 30 crores in the pipeline.

Kunal Mundra

Detailing Electrifi Mobility’s proposition, Kunal Mundra, Co-founder & CEO, Electrifi Mobility said, “India’s journey to net zero pivots around electrification of transportation. 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. The Financial Institutions are keen to deploy funds but hesitate given their inability to assess residual value given the pace of technology evolution in this space and the lack of a secondary market. Lastly, OEMs have developed multiple offerings however given the higher upfront cost, are unable to scale without the right financing partnerships. This is where Electrifi Mobility’s unique offering addresses each market participant’s issues and aims to unlock electrification.

Electrifi Mobility’s in-house engineering teams will help fleet operators choose the right OEM products for their use case. Their leasing arm will then work on creating an operating lease for Fleet Operators in partnership with multiple capital providers, that enables them to deploy more assets profitably. Lastly, the operations arm will provide multiple post-sale value-added services. Due to strong asset capabilities, Electrifi Mobility will also be able to give the Fleet Operators the option to return the asset to the company redeploying them post refurbishment. All of this will be built on Electrifi Mobility’s proprietary tech stack that will allow them to monitor these connected vehicles throughout the life cycle and collect data to ensure deployment.

Highlighting Grip’s role, Nikhil Aggarwal, Founder & CEO, Grip, said, “As a leading player in EV asset leasing, we at Grip, saw this as an inherent opportunity to offer full stack asset management and EV leasing solutions in the country. 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. Today, with 16,000 EV assets under operating lease with 25+ fleets, Grip has built a scaled business with nil credit loss. 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”

Grip, till date, has raised over INR 200 Crores in capital just for EV asset leasing, more than the combined efforts of all other leasing players in the market. The wealth creation company has a diversified portfolio across EV assets and 25+ fleets, providing 100% deployment.

Grip’s EV asset leasing partnerships include 30 different fleet operators and OEMs including Tata Motors, Euler Motors, Zypp, BluSmart, Log, Omega Mobility, Charge+Zone, Magenta Mobility, BatterySmart, Sheru to name a few.

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