The new entity offers planning, acquisition, asset selection, deployment, utilisation, maintenance, optimisation, renewal, decommissioning and disposal-related services. It partners with lenders, fleets and original equipment manufacturers to carry out these services.
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Grip Invest holds a significant share of equity in Electrifi Mobility, while Mundra retains the majority, Aggarwal told ET. The venture plans to close its seed round of financing by the first half of November, Aggarwal said, but declined to share other details.
How it works
Founded in 2020 by Aggarwal and Vivek Gulati, Grip Invest is a lease finance platform where individual investors can purchase and lease assets to companies. Retail investors get on the platform, co-own assets such as EVs and commercial properties, and lease these assets to those who want to use them.
Currently, about 30% of the assets in the Securities and Exchange Board of India-registered (SEBI)-registered Grip Invest’s portfolio are EVs.
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Aggarwal told ET that Grip Invest’s users will become retail investors on Electrifi Mobility’s platform and lease their assets to users. Electrifi Mobility will take care of due diligence, monitoring and refurbishment, among other services. Mundra told ET that Electrifi Mobility adds new layers to Grip Invest’s asset management service by not just allowing individual retail and high networth individual investors on to the platform but also institutional funding sources such as banks, non-bank financial companies and development finance institutions.
Electrifi Mobility has partnered with two original equipment manufacturers each in the two-wheeler, three-wheeler cargo and four-wheeler passenger EV segments, Mundra said.
The new player has struck one deal with a fleet operator and four others have been lined up for the coming weeks, said Mundra, without revealing any details.
Aggarwal said that Grip Invest, with a three-year underwriting track record, has invested twice as much capital—about Rs 200 crore—in EV asset leasing as all other market players combined.
“With a diverse portfolio covering various EV assets and partnerships with over 25 fleets, we’ve achieved 100% deployment…, establishing a robust pipeline and a strong foothold in the EV industry,” he added.