Former Cars24 CEO, Grip Invest Unite To Launch Electrifi Mobility: Report

In a fresh move, Former Chief Executive Officer at Cars24, Kunal Mundra has teamed up with lease financing platform, Grip Invest to build a new venture.  The startup named, Electrifi Mobility will specialise in B2B electric asset management and leasing company.  

The startup began in June, provides core services such as end-to-end asset management solutions, covering asset selection, leasing, maintenance, post-sales support, renewal and redeployment of EV assets. The company has claimed that in the last two months, it has deployed assets worth Rs 10 Crore with deals worth Rs 30 crore in its kitty.  

Kunal Mundra said that after leaving Cars24, the world’s concern or in fact India’s need for net zero carbon emissions was getting serious. Therefore, he added that I had plans to build something across cleantech space as it had enough issues to be solved.  

He stressed the need for electric vehicles as he realised the aim towards net-zero emission when his paths crossed with Grip Invest’s co-founder and CEO Nikhil Aggarwal.  

Grip is a platform for lease financing of EVs through investment opportunities.  It invests 30 per cent of its funds in EVs, mostly acquired from retail investors.  

Currently, the company has started raising debt and is in the method of accessing the majority from Non-Banking Finance Companies (NBFCs) and Development Finance Institutions (DFIs) to meet the capital demand of fleet operators. Besides, the company is also planning to have its seed funding round in the near future