UrjaMobility, an innovative startup focusing on battery leasing for commercial electric vehicles (EVs), has successfully raised ₹100 crore in its Pre-Series A funding round, utilizing both debt and equity financing. This funding round was spearheaded by Mufin Green Finance Limited and Hindon Mercantile Limited. The capital injection will be directed towards scaling UrjaMobility’s operations, emphasizing its distinct pay-per-use battery leasing model within the burgeoning e-mobility sector.
The company’s pay-per-use framework enables customers to lease batteries based on the distance traveled, transforming conventional capital expenditures into a smarter operational expenditure model. This approach provides a cost-effective and adaptable pathway for EV adoption, which is pivotal as UrjaMobility extends its reach throughout India. “This funding round represents a significant milestone for us,” stated Pankaj Chopra, Founder and CEO of UrjaMobility. “We aim to revolutionize energy consumption within the e-mobility landscape while expanding our footprint across India. Our pay-per-use model enhances the accessibility of e-mobility, and this funding will bolster our retail presence and broaden our service offerings.”
In its inaugural month of operations, UrjaMobility reached a key achievement by delivering 150 kWh of energy daily under its Energy-as-a-Service (EaaS) model. The company has since ramped up its capacity to provide 45 MWh of energy each day, showcasing its rapid growth in response to the rising demand for sustainable energy solutions.
Kapil Garg, Founder and Director of Mufin Green Finance Limited, expressed enthusiasm for UrjaMobility’s mission, stating, “We are excited to support UrjaMobility’s journey. Their innovative solutions and dedication to sustainability align perfectly with our commitment to facilitating India’s transition to clean energy.”
The funding will also empower UrjaMobility to broaden its retail presence, particularly targeting Tier II and Tier III cities, where the demand for affordable and sustainable e-mobility options is on the rise. The company has set an ambitious goal of achieving 300 MWh of energy delivery daily and plans to establish new centers to accommodate this growth. Looking forward, UrjaMobility intends to secure an additional ₹250 crore in the first quarter of 2025 to further expand its operations and enhance its retail network. This upcoming funding round will support the company’s bold expansion strategy, enabling it to continue delivering innovative energy solutions to an ever-expanding market.