EV asset management and leasing startup Electrifi Mobility has raised ₹25 crore as part of a seed round in a mix of debt and equity. The round saw participation from Asian Development Bank (ADB) Ventures, AdvantEdge Founders and other investors.
The proceeds will be used to ramp up hiring, expand its footprint and ramp up the deployment of assets and service infrastructure.
The firm also claimed that it will deploy more than ₹500 crore worth of commercial EV assets over the next three years. This will be over and above the 15,000+ EV assets already under management in partnership with their sister concern Grip Inves
“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. The capital and support from our investors at ADB and AdvantEdge will enable us to build on our strong start and deploy over 20,000 EVs in India while also building a platform for us to continue to scale in the future,” said Kunal Mundra, CEO and Co-Founder of Electrifi Mobility.