Former Cars24 CEO Kunal Mundra Partners With Grip For A New Venture


Former Chief Exceutive Officer (CEO) at Cars24, Kunal Mundra has teamed up with lease financing platform, Grip Invest, to build a new venture ‘Electrifi Mobility’. According to a statement, the startup will specialise in B2B electric asset management and leasing company.

It went operational in June this year. Electrifi provides core services such as end-to-end asset management solution, 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.

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

Grip is a platform for lease financing of EVs through investment opportunities.  It invests 30 per cent of its funds for EVs, mostly acquired from retail investors. Currently, the company is in talks to raise debt and is in the process 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.

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