Urja Mobility, a startup focused on battery leasing for commercial electric vehicles (EVs), has successfully raised Rs 100 crore in its Pre-Series A funding round. The round was a mix of debt and equity financing. Leading the investment were Mufin Green Finance Limited and Hindon Mercantile Limited. This new funding will help the company expand its innovative energy solutions and strengthen its position in the e-mobility sector.
Innovative Pay-Per-Use Model
One of Urja Mobility’s standout features is its pay-per-use leasing model. This allows customers to lease EV batteries on a per-kilometer basis, making electric mobility more affordable and flexible. By transforming traditional Capital Expenditure (CapEx) into Smart Operating Expenditure (OpEx), this model helps users adopt EVs with less financial burden. This funding will allow the company to scale up its operations and offer this unique solution to more customers across India.
Impressive Growth and Energy Distribution
Since its launch, Urja Mobility has shown rapid growth. In its first month, the company provided 150 kWh of energy per day under its Energy-as-a-Service (EaaS) model. Today, the company has expanded significantly and is now delivering 45 MWh of energy per day. This growth reflects the increasing demand for sustainable energy solutions in India.
Leadership Vision for the Future
Founder and CEO Pankaj Chopra shared his vision for the company’s future, stating, “This funding is a big step forward for us. Our goal is to transform energy consumption in the e-mobility sector and make electric vehicles more accessible. With this investment, we will strengthen our presence across India and offer better solutions to our customers.”
Investors Confident in Urja Mission
Kapil Garg, Founder and Director at Mufin Green Finance, expressed his confidence in Urja Mobility’s mission, saying, “We are excited to support Urja Mobility’s journey. Their innovative approach and focus on sustainability align perfectly with our goal of promoting clean energy in India.”
Future Plans and Growth Targets
With this maiden funding, Urja Mobility plans to reach a target of selling 300 MWh of energy per day. The company will also focus on expanding its retail network, especially in Tier II and Tier III cities, where there is growing demand for affordable e-mobility solutions. Looking ahead, the company plans to raise an additional Rs 250 crore in early 2025 to support its continued growth and meet the rising demand for its services.
