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Kunal Mundra Partners With Grip

The start-up aims to unlock financing for commercial EV assets by solving the residual value challenge in the EV ecosystem

Kunal Mundra Partners With Grip
business expansion
business expansion

Outlook Start-Up Desk

POSTED ON September 21, 2023 1:48 PM

Kunal Mundra, the former India CEO of CARS24, has partnered with Grip, 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.

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."

He added that 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 aims to 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.

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.

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