Commercial EV leasing and asset management firm Electrifi Mobility has made headlines by securing $3 million (Rs 25 crore) in a seed funding round from ADB Ventures and AdvantEdge Founders. 

As per the startup, the funds raised through this round, which was a mix of equity and debt, will be used to expand its presence nationwide, scale up asset deployment, and expand asset refurbishment and service infrastructure. 

Electrifi Mobility | Commercial EV leasing and Asset Management Firm 

Founded by Kunal Mundra, along with co-founder Nikhil Aggarwal, in 2023, Electrifi Mobility is a Gurugram-based full-stack EV asset management and leasing firm that helps commercial fleets electrify. It offers commercial EV leasing and life cycle management, meanwhile helping NBFC and banking partners reduce their credit and asset risk, allowing them to deploy more capital into a critical priority sector.

Speaking about the development, Kunal Mundra, CEO and Co-Founder of Electrifi Mobility, highlighted their excitement about partnering with ADB and AdvantEdge Founders. Mundra added that the raised capital and support from the investors at ADB and AdvantEdge will enable Electrifi to build on its strong start and deploy over 20,000 EVs in India while also building a platform for them to continue to scale in the future.

Statement from the Investor

Commenting on the development, Kunal Khattar, Managing Partner at AdvantEdge Founders, highlighted the firm’s belief in the need for scalable and profitable mobility solutions for a sustainable future.

Khattar said,

“Electrifi’s model exemplifies this approach, demonstrating how responsible businesses can thrive while addressing critical environmental challenges. Their innovative approach to EV leasing tackles a critical barrier for accelerating the transition from ICE to EV by making clean transportation more accessible and affordable for businesses across India.”

As per the startup, improvement in the quality of vehicles, rapid reduction in battery prices, and supportive government policies are enabling an enormous opportunity for the company to grow. Backed by this opportunity, the Gurugram-based startup aims to deploy over Rs 500 crore in commercial EV assets over the next three years. This includes two- and three-wheelers, cars, heavy commercial vehicles, light commercial vehicles, and batteries and chargers. 

Weeks back, Alt Mobility, a Delhi-based EV leasing and lifecycle management platform, secured $6 million in funding co-led by Eurazeo, Shell Ventures, EV2 Ventures, and Twynam.

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