A pre-Series A funding round comprising debt and equity financing has raised Rs 100 crore ($12 million) for UrjaMobility, a startup that specializes in battery leasing for commercial electric vehicles (EVs). Hindon Mercantil and Mufin Green Finance co-led the round.
According to a press release, the new funding will be used to scale operations, improve UrjaMobility’s distinctive pay-per-use leasing model, concentrate on the e-mobility industry, and extend the company’s solutions in energy consumption and supply chain management.
Pankaj Chopra founded UrjaMobility in 2022. It provides battery leasing choices for a range of commercial EV classes, such as L3 and L5 cars and lithium-ion battery-powered electric L2s.
The objective of the company is to convert the initial expenses of battery energy into a feasible Monthly Lease Value (MLV).
Customers can now lease batteries based on the number of kilometers driven thanks to UrjaMobility’s innovative pay-per-use leasing model, which increases flexibility by turning conventional capital expenditures (CapEx) into wise operational expenditures (OpEx). This creative strategy gives consumers an easy and affordable way to switch to electric vehicles.
Using its Energy-as-a-Service (EaaS) model, UrjaMobility asserts that in its first month of operation, it delivered 150 kWh of energy daily. Since then, the business has increased its capacity and is currently producing 45 MWh of energy every day.
In order to meet the growing demand for e-mobility solutions throughout the nation and to further strengthen its retail network, UrjaMobility plans to raise an additional Rs 250 crore in the first quarter of 2025.
