Kunal Mundra, the former CEO of Cars 24 India, has joined with digital investing platform, Grip, to launch EV asset management and leasing startup, Electrifi Mobility, in June 2023, to increase mobility electrification in India, Electrifi Mobility said on Thursday.
The firm intends to offer an end-to-end asset management solution that includes asset selection, leasing, maintenance, post-sales support, refurbishing, and redeployment of EV assets.
According to a press statement, Electrifi has deployed assets worth Rs 10 crore in the previous two months, with more agreements worth Rs 30 crore in the pipeline.
The company’s co-founder and CEO noted that there are various roadblocks on India’s path to net zero, most of which are on transportation electrification. He emphasized that although Fleet Operators are interested in EV deployment, they need help selecting the proper asset and obtaining funding.
Electrifi Mobility’s goal is to serve fleet operators and assist them in selecting the best OEM products for their use case. Its leasing arm will engage with several finance sources to develop an operating lease for Fleet Operators, allowing them to deploy additional assets economically.
“However, financial institutions hesitate their inability to assess residual value given the pace of technology evolution in this space and the lack of a secondary market,” Mundra added.
Electrifi Mobility’s goal is to serve to fleet operators and assist them in selecting the best OEM products for their use case. Its leasing arm will engage with several finance sources to develop an operating lease for Fleet Operators, allowing them to deploy additional assets economically.
“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,” the start-up said.
All of this will be housed in Electrifi Mobility’s unique tech stack, which will only be used to monitor these linked cars and gather data to ensure adoption.
“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,” said Nikhil Aggarwal, Founder & CEO, of Grip.
Grip has so far raised more than Rs 200 crore in funding for EV asset leasing.
Its asset leasing relationships include Tata Motors, Euler Motors, Zypp, BluSmart, Log, Omega Mobility, Charge+Zone, Magenta Mobility, BatterySmart, and Sheru, among others.
