UrjaMobility achieved significant success in its initial month of operations by delivering 150 kWh of energy per day under its Energy-as-a-Service (EaaS) model. UrjaMobility, an innovative battery leasing start-up for commercial electric vehicles (EVs), has secured INR 100 crores in a Pre-Series A funding round. This round, consisting of both debt and equity financing, was led by Mufin Green Finance Limited and Hindon Mercantile Limited. The funding will help the company scale up its operations and expand its pay-per-use leasing model, which converts traditional capital expenditures into smarter operating expenditures. UrjaMobility also aims to enhance its retail presence, particularly in Tier II and Tier III cities, responding to the growing demand for affordable e-mobility solutions.
UrjaMobility roadmap for future
The funding will enable UrjaMobility to broaden its innovative energy consumption and supply chain management solutions within the e-mobility sector. The company's pay-per-use leasing model allows customers to lease batteries based on kilometers used, offering flexibility and cost-efficiency, thereby facilitating a hassle-free shift to electric mobility.
UrjaMobility achieved significant success in its initial month of operations by delivering 150 kWh of energy per day under its Energy-as-a-Service (EaaS) model. This achievement set the stage for swift growth, driven by increasing demand for sustainable energy solutions. The company's current capacity has expanded to provide 45 MWh of energy daily.
Pankaj Chopra, the Founder & CEO of UrjaMobility, expressed his enthusiasm about the funding round: "This funding round marks a major milestone for us. Our goal is to revolutionise 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, articulated their support for UrjaMobility's mission: "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."
Biz targets
The company has ambitious objectives, including reaching a target of 300 MWh of energy provided per day. The recent funding will support this goal and assist in extending UrjaMobility's retail footprint by opening new centers, especially in smaller cities experiencing increased demand for sustainable and affordable e-mobility solutions.
Future fundraising
Looking forward, UrjaMobility plans to raise an additional INR 250 crore in the first quarter of 2025. This funding will be critical to bolstering its retail network and meeting the rising demand for e-mobility solutions across the country. The company aims to use this additional funding to sustain its rapid growth and scale its innovative offerings further.
As UrjaMobility expands, its distinctive approach to energy management continues to solidify its standing as a leader in the evolving energy sector, emphasising innovation and sustainability in the e-mobility market.
