UrjaMobility secures ₹100 crore in Pre-Series A funding • EVreporter

UrjaMobility, a New Delhi based start-up focused on battery leasing for commercial electric vehicles (EVs), has raised ₹100 crores in its Pre-Series A funding round, consisting of both debt and equity financing. This funding round, led by Mufin Green Finance Limited and Hindon Mercantile Limited, will support UrjaMobility’s initiatives in energy consumption and supply chain management within the e-mobility sector.

The funding will help UrjaMobility scale its operations and expand its pay-per-use battery leasing model. This model enables customers to lease batteries on a per-kilometer basis, converting traditional capital expenditures into operational costs, offering a flexible and cost-efficient solution for adopting electric mobility.

In its first month of operations, UrjaMobility reported delivering 150 kWh of energy per day under its Energy-as-a-Service (EaaS) model. This initial achievement has facilitated its growth in the energy sector, responding to demand for sustainable energy solutions. The company has since increased its capacity to deliver 45 MWh of energy per day.

Pankaj Chopra, Founder & CEO of UrjaMobility, expressed his vision: “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 & Director at Mufin Green Finance Limited, a key investor, said “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 this funding, UrjaMobility aims to achieve a target of 300 MWh of energy sold per day. The funding will also support plans to expand its retail network, specifically in Tier II and III cities, where there is growing demand for e-mobility solutions. This expansion reinforces UrjaMobility’s approach to energy management and its position in the energy sector.

UrjaMobility plans to raise an additional ₹250 crore in the first quarter of 2025 to strengthen its retail network and address the rising demand for e-mobility solutions in the country. This subsequent funding round will enable the company to continue its expansion and further develop its offerings.

Also read: Mufin Green acquires 20% stake in Li-ion battery leasing player UrjaMobility