UrjaMobility, a start-up specializing in battery leasing for commercial electric vehicles (EVs), has successfully raised ₹100 crores in its Pre-Series A funding round, which combines both debt and equity financing. The funding round was led by Mufin Green Finance Limited and Hindon Mercantile Limited and is set to enhance UrjaMobility’s innovative solutions in energy consumption and supply chain management within the e-mobility sector.
The new funds will play a crucial role in allowing UrjaMobility to scale its operations and extend its distinctive pay-per-use battery leasing model. This model enables customers to lease batteries on a per-kilometer basis, providing them with greater flexibility by converting traditional capital expenditure (CapEx) into a more manageable operating expenditure (OpEx). This approach offers end-users a cost-effective and hassle-free pathway to adopting electric mobility.
In its inaugural month of operations, UrjaMobility reported a significant achievement, delivering 150 kWh of energy daily under its Energy-as-a-Service (EaaS) model. This early success has set the stage for rapid growth, as the company has now scaled up its operations to provide an impressive 45 MWh of energy per day, responding to the rising demand for sustainable energy solutions.
Pankaj Chopra, Founder and CEO of UrjaMobility, commented on the funding milestone, stating, “This funding round marks a major milestone for us. Our goal is to revolutionize energy consumption in the e-mobility sector while expanding our presence across India. The pay-per-use model we’ve introduced makes e-mobility more accessible, and this funding will help us strengthen our retail presence and provide solutions to a wider audience.”
Kapil Garg, Founder and Director at Mufin Green Finance Limited, expressed confidence in UrjaMobility’s mission, saying, “We are thrilled to support UrjaMobility’s journey. Their unique solutions, combined with their commitment to sustainability, align perfectly with our focus on supporting India’s transition to clean energy.”
With the initial funding secured, UrjaMobility aims to achieve a target of 300 MWh of energy sales per day. The company also plans to expand its retail footprint by opening new centers, particularly targeting Tier II and Tier III cities where demand for affordable and sustainable e-mobility solutions is on the rise. This strategic growth underscores UrjaMobility’s innovative approach to energy management, solidifying its position as a leader in the evolving energy landscape.
Looking ahead, UrjaMobility is set to raise an additional ₹250 crores in the first quarter of 2025 to further bolster its retail network and address the increasing demand for e-mobility solutions nationwide. This next funding round will facilitate the company’s continued rapid expansion and the scaling of its innovative offerings.
