Electrifi, an innovative leasing and financing solution provider for electric vehicles, received significant investment to accelerate its growth in India's burgeoning EV market.

Information on the Target

Electrifi aims to facilitate India's transition to Electric Vehicles (EVs) by offering a comprehensive suite of services that enhance the EV user experience. This includes vehicle recommendations, leasing and financing solutions, service and maintenance throughout the asset's lifecycle, refurbishment of second-life vehicles, and a robust technological framework for remote monitoring and diagnostics. Founded by Kunal Mundra, who brings substantial experience from his tenure as CEO of Cars 24, Electrifi is strategically positioned to address emerging challenges and opportunities in the EV sector.

Industry Overview in India

The electric vehicle landscape in India is rapidly evolving, driven by a strong governmental push towards sustainability and reduced carbon emissions. A report by Niti Ayog anticipates that EV sales in India could reach US$100 billion by 2030. However, achieving this goal necessitates approximately INR 19.7 lakh crore in capital and financing from 2020 to 2030, encompassing vehicles, charging infrastructure, and battery technology.

Despite the promising growth forecast, the current financing landscape poses challenges. Due to perceived and real risks associated with nascent technologies, financial institutions are struggling to provide competitive lending products. Existing financing