Kunal Mundra, the former CEO of Cars 24 India, has partnered with digital investment platform Grip, to launch EV asset management and leasing company Electrifi Mobility in June 2023 to boost mobility electrification in India, the company announced on Thursday.

The company intends to offer an end-to-end asset management solution that includes asset selection, leasing, maintenance, after-sales support, refurbishment, and redeployment of EV assets.

According to a press release, Electrify has deployed assets worth Rs 10 crore in the last two months, with more deals worth Rs 30 crore in the pipeline.

The company's co-founder and CEO explained that there are several roadblocks on India's path to net zero, most of which revolve around transportation electrification. He emphasised that while Fleet Operators are interested in EV deployment, they are having difficulty assessing the right asset and obtaining capital to do so.

"However, financial institutions are concerned about their inability to assess residual value given the rapid evolution of technology in this space and the lack of a secondary market," Mundra added.

Electrifi Mobility's goal is to cater to fleet operators and assist them in selecting the best OEM products for their use case. Its leasing arm will work with multiple capital providers to develop an operating lease for Fleet Operators that will allow them to deploy more assets profitably.