UrjaMobility, a battery leasing for commercial EVs startup has raised Rs 100 crore in its Pre-Series A funding round, combining debt and equity financing . The funding round, led by Mufin Green Finance Limited and Hindon Mercantile Limited, will allow Urja Mobility to expand its innovative solutions in energy consumption and supply chain management, focusing on the e-mobility sector.
The funding will be pivotal in enabling UrjaMobility to scale its operations and extend its unique pay-per-use leasing model. This model allows customers to lease batteries on a per-kilometer basis, offering them greater flexibility by converting traditional CapEx into Smart OpEx. This transformative approach provides end-users with a cost-effective, hassle-free solution for adopting electric mobility.
In its first month of operations, Urja Mobility achieved a milestone by delivering 150 kWh of energy per day under its Energy-as-a-Service (EaaS) model. This early success laid the foundation for its rapid growth in the energy sector, driven by the increasing demand for sustainable energy solutions. Currently, Urja Mobility has expanded its capabilities significantly, scaling up to provide a massive 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, highlighted their confidence in UrjaMobility’s mission and 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 the maiden funding, we have plans of hitting the target of 300 Mwh per day energy selling. The funding will also support the company’s ambitious plans to expand its retail footprint by opening new centres, with a specific focus on Tier II and Tier III cities. These markets represent a growing demand for affordable and sustainable e-mobility solutions. This growth underscores Urja Mobility's innovative approach to energy management, solidifying its position as a leader in the evolving energy landscape.
Looking ahead, Urja Mobility aims to raise an additional Rs 250 crore in the first quarter of 2025 to further strengthen its retail network and meet the rising demand for e-mobility solutions across the country. This next round of funding will allow the company to continue its rapid expansion and further scale its innovative offerings.
_20241128124356_original_image_2.webp)
_20241127165729_original_image_8.webp)
