Mufin Green Finance and Hindon Mercantil Lead INR 100 Cr Investment in UrjaMobility's EV Battery Leasing Venture UrjaMobility will use the funds to expand energy solutions, improve supply chain management, and scale operations, focusing on e-mobility. A major portion will enhance its pay-per-use battery leasing model.
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UrjaMobility, a New Delhi-based startup specialising in battery leasing for commercial electric vehicles (EVs), has secured INR 100 crore (approximately USD 12 million) in its pre-Series A funding round. The round was co-led by Mufin Green Finance and Hindon Mercantil, combining both debt and equity financing.
The funds will be allocated to expand UrjaMobility's solutions in energy consumption, supply chain management, and scaling operations, with a particular focus on the growing e-mobility sector. A significant part of the investment will enhance the company's unique pay-per-use battery leasing model, which has gained traction in the market.
Pankaj Chopra, Founder and CEO of UrjaMobility, said, "This funding round marks a major achievement for us. Our vision is to revolutionise energy consumption in the e-mobility space and broaden our presence across India. Our pay-per-use model makes e-mobility more accessible, and this investment will help us expand our reach and offer innovative solutions to a wider audience."
Founded in 2022 by Pankaj Chopra, UrjaMobility offers battery leasing options for various commercial EV categories, including L3 and L5 vehicles, as well as electric L2s using lithium-ion batteries. The company's unique leasing model transforms upfront battery costs into a manageable Monthly Lease Value (MLV), making EV adoption more affordable and practical for businesses.
The company's pay-per-use model, based on kilometers driven, offers flexibility by converting traditional capital expenditures (CapEx) into operational expenses (OpEx). This approach provides a cost-effective solution for businesses transitioning to electric mobility without significant upfront investment.
In its first month of operations, UrjaMobility claims to have delivered 150 kWh of energy per day through its Energy-as-a-Service (EaaS) model. Today, it provides 45 MWh daily through its Energy-as-a-Service (EaaS) model.
Looking ahead, the startup plans to raise an additional INR 250 crore in Q1 2025 to further strengthen its retail presence and meet the increasing demand for e-mobility solutions across India.
Kapil Garg, Founder and Director of Mufin Green Finance, praised UrjaMobility's sustainable approach, stating, "We are excited to support UrjaMobility. Their solutions align perfectly with our mission to support India's clean energy transition."
