Electrifying India: This Gurugram startup is driving EV fleet adoption with asset and financing solutions
Founded by Kunal Mundra and Nikhil Aggarwal, Electrifi Mobility provides end-to-end solutions, including asset selection, leasing, maintenance, post-sales support, refurbishment, and redeployment of EV assets for commercial fleet operators.
Commercial electric vehicle (EV) fleets often face challenges in selecting the right parts from hundreds of OEMs (original equipment manufacturers), maintaining uptime, and securing financing for business operations.
Gurugram-based Electrifi Mobility—started by Kunal Mundra (former CEO of India) and Nikhil Aggarwal—addresses these issues by offering a full-stack solution to facilitate the electrification of commercial fleets.
Currently, Mundra serves as the founder and CEO and Aggarwal is the company's director.
“There is no problem statement besides climate that is more important for us to solve. If you look at intra-city commercial vehicles in India, there are around 4 million vehicles across two-wheelers, three-wheelers, and four-wheelers. Transitioning all of them to EVs will require anywhere between $30-$50 billion of capital,” Mundra tells YourStory.
Founded in 2023, the EV asset management and leasing startup provides end-to-end solutions, including asset selection, leasing, maintenance, post-sales support, refurbishment, and redeployment of EV assets.
“Earlier, people were asking, 'Should I move to EVs?' But when we started this company a year and a half ago, the question changed to, 'How do I move to EVs?' The benefits of EVs are becoming increasingly more visible, and customers genuinely want to make the transition,” he adds.
Product offerings
While EVs have emerged as the future of mobility, some key obstacles in their adoption exist, including concerns about vehicle performance, maintenance, resale value, and high initial down payments.
According to Mundra, the EV expansion has remained relatively flat in recent months. He explains that fleet operators often lack an understanding of EVs, which makes it difficult to select the right vehicle and achieve the required uptime. On the other hand, traditional financiers don’t know how to evaluate EVs.
He says, “There's uncertainty around residual values and how loan-to-value (LTV) ratios will evolve throughout a loan, further amplified by the changing technology and the sheer number of OEMs across two-wheelers, three-wheelers, and four-wheelers.”
This massive asset uncertainty, in fact, hurts the fleet operators and financial institutions, preventing the latter from deploying money.
Electrifi Mobility helps businesses overcome these challenges by identifying and selecting suitable EV assets for logistics fleets and offering flexible leasing options and tech support. Its technology and data stack ensure fleets achieve the desired ROI, accelerating their transition to electric mobility.
The 43-member startup guides fleet operators in selecting the most suitable OEM products for their needs—new or refurbished. Through partnerships with various capital providers, its leasing division aims to develop lease solutions that allow fleet operators to deploy assets more profitably. Beyond financing, it offers services to maximise asset uptime, including repair and maintenance.
“For example, if a small fleet operator delivering for hyperlocal or quick commerce players wants to deploy 50 or even 300 vehicles, we guide them in selecting the right assets, provide leasing solutions, and ensure ongoing support,” Mundra explains.
This approach, he says, creates a win-win—the operator earns more by keeping assets running efficiently and reducing the risk of credit defaults. “Ultimately, this model accelerates the transition to sustainable transportation by enabling profitable fleet operations,” he adds.
Electrifi Mobility—a sister concern of —has deployed nearly 20,000 vehicles, spanning two-wheelers, three-wheelers, four-wheeler passenger cars, and light commercial vehicles (LCVs) as well as batteries and chargers.
Grip Invest has secured over Rs 200 crore in capital solely for EV asset leasing. Its leasing partners include 30 fleet operators and OEMs, including Tata Motors, , BatterySmart, Euler Motors, , , and Omega Mobility.
The business-to-business (B2B) startup charges a monthly fee to its clients, which covers the asset and additional services. Businesses can either choose to buy, return, or extend the lease at the end of the tenure. The average leasing tenure may typically range from two to six years, depending on the asset type and the counterparty's credit profile.
Way ahead
Earlier in January, Electrifi Mobility raised $3 million (Rs 25 crore) in seed funding led by Asian Development Bank (ADB) Ventures, , and other investors.
To scale, the startup plans to secure funding from multiple sources, including DFIs, banks, NBFCs, and alternative investment platforms, to meet its goal of deploying $1 billion worth of assets in India over the next four years.
According to JMK Research, EV sales in India reached 41,35,077 units in 2024, of which more than 55% were electric two-wheelers, followed by passenger electric three-wheelers, with about 32% market share.
Mundra believes Electrifi Mobility’s USP lies in three key areas—deep asset understanding, superior credit assessment driven by data, and a highly mature technology and data stack, setting them apart from competitor like Alt Mobility.
He says the demand for sustainable last-mile capacity is immense, driven by the growth of ecommerce and hyperlocal deliveries. This surge has also increased demand for two-wheelers, with interest peaking for four-wheelers.
“Large corporates are pushing their employee transport providers to move to EVs, creating a strong demand. Battery swapping companies are also driving growth, especially for two-wheelers in some parts of India. We're also seeing a rising demand for chargers... India is seeing growth across all the buckets, and our demand is just reflective of that,” the CEO says.
Going ahead, the startup will focus on deepening its presence in the Indian market to drive EV adoption.
“In the next few months, we’re aiming for another funding round to further invest in our data and tech capabilities and scale the number of vehicles we deploy in the market. We'll be actively seeking capital to drive this growth,” Mundra says.
Electrifi Mobility was part of YourStory’s Tech30 list, which looked at India’s 30 most promising startups poised to become major disruptors across fields.
(The copy was updated to add more information.)