Electrifi Mobility secures $3.02M seed funding for ambitious expansion

05 Feb 2024 CW Team

Electrifi Mobility, a company specialising in leasing and managing commercial electric vehicles (EVs), has successfully raised Rs 250 million (~$3.02 million) in seed-stage funding. The funding round was led by Asian Development Bank (ADB) Ventures, AdvantEdge Founders, and other contributors.

This financial injection will play a crucial role in enabling Electrifi to expand its asset deployment, enhance its infrastructure for asset refurbishment services, and support its strategic initiative to enter new cities.

Electrifi Mobility has set ambitious targets, aiming to deploy more than Rs 5 billion ($6 million) in commercial EV assets within the next three years. This extensive portfolio will encompass various electric vehicles, including two and three-wheelers, cars, light commercial vehicles, and heavy commercial vehicles. Additionally, the deployment will include batteries and chargers. Notably, this expansion plan is in addition to the 15,000 EV assets already managed by Electrifi in collaboration with its sister company, Grip Invest.

Expressing enthusiasm about the collaboration with ADB Ventures and AdvantEdge Founders, Kunal Mundra, CEO and co-founder of Electrifi Mobility, emphasised the significance of these partnerships in supporting India's journey towards electrifying mobility and achieving a net-zero future. The capital and support from investors will empower Electrifi to not only build upon its current success but also deploy over 20,000 EVs in India. Furthermore, this investment will contribute to establishing a robust platform for sustained scalability in the future.

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