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Electrifi Mobility Secured 25 Crore In Seed Stage ADB Ventures, AdvantEdge

Electrifi Mobility plans to use the capital to scale up asset deployment, cover new cities, and expand asset refurbishment and service infrastructure

Electrifi Mobility Secured 25 Crore In Seed Stage ADB Ventures, AdvantEdge
Kunal Mundra and Nikhil Aggarwal (Founders, Electrifi)

Outlook Start-Up Desk

POSTED ON January 31, 2024 11:10 AM

Gurugram-based commercial EV leasing and asset management company, Electrifi Mobility has raised Rs 25 crore in seed-stage funding from ADB Ventures, AdvantEdge Founders, and others.  

The investment round included equity and debt. The company intends to use this capital to fuel its expansion plans.  

It further added in a release that the company plans to use the capital to scale up asset deployment, cover new cities, and expand asset refurbishment and service infrastructure.  

“With this investment, Electrifi is gearing up to deploy over Rs 500 crores in commercial EV assets over the next three years which will include EV two and three-wheelers, cars, LCVs, HCVs, batteries as well as chargers, the statement read. 

Electrifi, with its comprehensive asset management platform, leverages data, product, and deep engineering expertise putting them in a unique position to unlock electrification in the commercial fleet market.  

For fleet customers, the brand offers flexible leasing plans as well as second-life leasing options which enable them to scale faster and be more profitable.  

Commenting on the fund raise, Kunal Mundra, CEO and co-founder of Electrifi Mobility, said, “The capital and support from our investors at ADB and AdvantEdge will enable us to build on our strong start and deploy over 20,000 EVs in India while also building a platform for us to continue to scale in the future”. 

The company has attracted notable investors such as Asian Development Bank's (ADB) venture capital arm, that supports technology solutions for impact in Asia and the Pacific and AdvantEdge Founders, India's premier mobility-focused venture capital fund, led by seasoned investor Kunal Khattar, among others. 

Reflecting on partnering with Electrifi Mobility, Kunal Khattar, managing partner at AdvantEdge Founders, added, “At AdvantEdge, we are driven by the belief that for a sustainable future we need scalable, profitable mobility solutions. Electrifi's model exemplifies this approach, demonstrating how responsible businesses can thrive while addressing critical environmental challenges.”   

Electrifi Mobility was founded in 2023 by Kunal Mundra who was previously CEO of Cars24 India and Grip Invest. Electrifi combines Kunal’s experience in automotive manufacturing and service at scale, Grip Invest’s first-mover advantage in leasing electric vehicles, and Nikhil Aggarwal’s (Founder and CEO of Grip Invest) experience as a co-founder at Chalo, and investment banking at Morgan Stanley. 

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