Funding Alert

UrjaMobility Raises ₹100 Crore in Pre-Series A Funding to Expand EV Battery Leasing Operations

• ByStartupStory     |    October 9, 2024

UrjaMobility, an EV battery leasing startup, has raised ₹100 crore in its pre-Series A funding round, backed by leading investors Mufin Green Finance Limited and Hindon Mercantile Limited. The capital infusion, which includes a mix of equity and debt, will allow UrjaMobility to scale its operations and further develop its pay-per-use battery leasing model.

UrjaMobility’s leasing model enables customers to lease electric vehicle batteries on a per-kilometre basis, providing a cost-effective solution to e-mobility users. With the new funding, the company aims to significantly ramp up battery deployments, increasing its energy capacity from the current 45 megawatt-hours (MWh) to 300 MWh per day across its B2B and retail sectors.

“This funding round marks a major milestone for us. Our goal is to revolutionise energy consumption in the e-mobility and energy storage sector while expanding our presence across India. The pay-per-use km-based model we’ve introduced makes e-mobility more accessible. This funding will help us strengthen our presence and provide solutions to a wider audience,” said Pankaj Chopra, Founder and CEO of UrjaMobility, in a statement.

Expanding Footprint in Tier II and III Cities

The company also plans to use the funds to expand its retail footprint by opening new urban centres, particularly in Tier II and Tier III cities, addressing the growing demand for energy-efficient and cost-effective e-mobility solutions. UrjaMobility has set ambitious goals to boost its energy capacity and better serve both business and individual users in these underserved regions.

Looking ahead, UrjaMobility is preparing to raise an additional ₹250 crore in early 2025 to meet growing demand for its battery solutions and to scale its e-mobility and energy storage offerings.

Investor Support for Sustainable Solutions

The company’s pay-per-use battery model has garnered significant interest from investors, who are committed to supporting clean energy innovations in India.

“We are thrilled to support UrjaMobility’s journey. Their unique pay-per-use km-based solution, combined with their supply chain capability and commitment towards sustainability, align perfectly with our focus on supporting India’s transition to clean energy,” said Kapil Garg, Founder and Managing Director at Mufin Green Finance Limited.

UrjaMobility’s innovative leasing solution and continued expansion position it as a key player in India’s rapidly growing electric vehicle ecosystem. With the rising demand for sustainable energy and transport options, the company’s growth trajectory points toward a promising future for e-mobility across the country.

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