Mufin Green Finance Purchases 20% Stake in UrjaMobility

• ByStartupStory     |    December 23, 2023

Mufin Green Finance, a Non-Banking Financial Company (NBFC) specializing in Green financing, has acquired a 20 percent stake in UrjaMobility, a move aimed at transforming the electric mobility sector through a strategic partnership.

The key focus of this collaboration is the integration of advanced Li-Ion batteries, which offer fintech platforms control over their operations through IoT connectivity, thermal analytics, and remote immobilization capabilities. These batteries, utilizing Lithium Iron Phosphate (LFP) technology, are designed to deliver over 2000 charging cycles, ensuring a durable product life cycle exceeding 4 years.

Pankaj Chopra, Founder of UrjaMobility, commented on the significance of this partnership, stating, “With almost 3 Million e-rickshaws currently in operation, approximately 1 to 1.5 million units are in need of battery replacement every year, assuming the Lead Acid Battery lasts between 15-20 months. Most replacements use Lead-Acid batteries due to their lower cost compared to Lithium-ion batteries.”

Chopra further added, “With plans to immediately deploy 10,000 batteries and impact the lives of drivers by offering easy monthly leases, we are delighted to strategically partner with Mufin Green Finance.”

Kapil Garg, Managing Director at Mufin Green Finance, shared his perspective on the collaboration, saying, “Anticipating a significant shift that will strengthen the EV ecosystem, we are thrilled to partner with UrjaMobility. We envision that by 2030, the commercial use of electric two-wheelers (E2W) will reach 100 percent, totaling between 10-12 million units with a product life cycle of 3 years.”

He also highlighted the current size of the Last Mile Delivery (gig workers) market, which consists of 5 million people operating either on E2W or ICE 2W vehicles. With the rise of delivery services, this market is expected to grow at a 25 percent Compound Annual Growth Rate (CAGR).

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