Former Cars24 India CEO Launches Electrifi Mobility: A Full-Stack B2B Electric Vehicle Leasing Startup
- ByStartupStory | September 21, 2023
Kunal Mundra, the former Chief Executive Officer of used car selling platform Cars24, has collaborated with lease finance platform Grip Invest to introduce his latest venture, Electrifi Mobility. This startup is a comprehensive B2B electric vehicle asset management and leasing company.
Established in June, Electrifi Mobility is dedicated to delivering an end-to-end asset management solution encompassing asset selection, leasing, maintenance, post-sales support, refurbishment, and redeployment of electric vehicle (EV) assets. The company reports that it has already deployed assets valued at Rs 10 crore in the past two months, with deals worth Rs 30 crore in the pipeline.
Before leading Cars24 India, Kunal Mundra served as the Executive Vice President at Bain Capital India, where he oversaw the post-investment management of Bain Capital India’s investment portfolio exceeding $2 billion. He also held the positions of Managing Director and CEO at CEAT Specialty Tyres Ltd, a tire manufacturer, and worked at The Boston Consulting Group. He is an alumnus of the Indian Institute of Management (IIM) Bangalore.
Mundra emphasized the growing global commitment to achieving net-zero emissions and the pivotal role of India’s electrification in the journey towards this goal. He expressed his determination to contribute to the cleantech sector, particularly in addressing the challenges associated with the electrification of transportation.
Mundra’s path toward electrification coincided with his encounter with Nikhil Aggarwal, the Co-founder and CEO of Grip Invest, an investment platform specializing in fixed-income opportunities. Grip Invest has a strong focus on electric vehicle opportunities, allocating 30% of its investments to EVs, establishing itself as a leading lessor of EVs in India. While the platform primarily raises funds from retail investors, the substantial demand in the sector necessitates additional capital sources.
To address this demand, Electrifi Mobility has initiated the process of raising debt capital from non-banking finance companies (NBFCs) and development finance institutions (DFIs) to cater to fleet operators’ capital needs. Additionally, the company is preparing for its upcoming seed funding round, anticipated to conclude shortly.
Presently, Electrifi collaborates with 30 diverse fleet operators, including Zypp Electric, Blu Smart, Battery Smart, and Euler. On the battery front, the company has established partnerships with entities such as Static, ChargeZone, and Magenta, among others.
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