Electrifi Mobility raises INR 25 crore from ADB Ventures and AdvantEdge
Summary
Electrifi Mobility, a Gurugram-based company specializing in commercial electric vehicle leasing and asset management, announced the successful acquisition of INR 25 crore in seed-stage funding. The funding round saw participation from ADB Ventures, AdvantEdge founders, and various other investors.The funding round, comprising both equity and debt components, is set to drive the companys growth initiatives and expedite Indias shift towards sustainable mobility, as stated by the company.Electrifi is preparing to deploy over INR 500 crore in commercial EV assets over the next three years, which will include EVs, two- and three-wheelers, cars, LCVs, HCVs, batteries, and chargers. This will be in addition to the 15,000+ EV assets already under management in partnership with their sister concern Grip Invest, the company said in a media release. According to the release, Electrifi leverages Mundras expertise in large-scale automotive manufacturing and servicing, Grip Invests early advantage in leasing electric vehicles, and Nikhil Aggarwals (Founder and CEO of Grip Invest) background as a co-founder at Chalo and in investment banking at Morgan Stanley.According to the release, Electrifis business model is based on two significant developments in the electric vehicle industry: first, the quick adoption of EVs for commercial use due to favourable economics; and second, the significant capital supply aiming to take part in the sectors growth. Additionally, the companys growth is being facilitated by improvements in vehicle quality, a rapid decline in battery prices, and supportive government policies.Click here for more such informative insights
Funding
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