Electrifi Mobility Secures ₹25 Crore in Seed Round Funding to Power EV Expansion
In a significant milestone for the electric vehicle (EV) sector, Electrifi Mobility, a startup specializing in EV asset management and leasing, has successfully raised ₹25 crore in a seed round, comprising a blend of debt and equity. The funding round witnessed participation from notable investors, including the Asian Development Bank (ADB) Ventures, AdvantEdge Founders, and other key backers.
The newly secured capital is earmarked for several strategic initiatives, including an ambitious recruitment drive, an expansive footprint enlargement, and the substantial scaling of asset deployment and service infrastructure. Electrifi Mobility envisions leveraging this funding to further solidify its position in the rapidly growing EV market.
In addition to its immediate operational goals, Electrifi Mobility has set a bold target of deploying over ₹500 crore worth of commercial EV assets within the next three years. This ambitious plan builds upon the firm’s existing management of 15,000+ EV assets, achieved in collaboration with their sister concern, Grip Inves.
Kunal Mundra, the CEO and Co-Founder of Electrifi Mobility, expressed enthusiasm about the strategic partnerships formed during this funding round. He stated, “We are extremely excited about partnering with ADB and AdvantEdge Founders. Given ADB Ventures has been at the forefront of supporting cleantech startups in Asia Pacific and AdvantEdge is already India’s premier mobility fund, we can’t think of better partners to have on this journey as we strive to help India electrify mobility and achieve Net Zero.”
Mundra further emphasized the significance of the capital and support from investors, emphasizing that it would empower Electrifi Mobility to build on its strong foundation. The company aims to deploy more than 20,000 EVs across India while simultaneously establishing a scalable platform for future growth.
As the momentum in India’s EV landscape continues to surge, Electrifi Mobility’s successful seed round funding not only signifies investor confidence in the startup but also highlights the accelerating pace of electrification initiatives in the country. The strategic deployment of funds is expected to play a pivotal role in shaping Electrifi Mobility’s trajectory as a key player in India’s EV ecosystem.
