UrjaMobility Raises $12 Million in Pre-Series A Funding
Mumbai (November 20, 2024) – UrjaMobility, a pioneering startup specializing in battery leasing for commercial electric vehicles (EVs), has secured a significant milestone with its pre-Series A funding round. The company has raised Rs 100 crore ($12 million), which includes both debt and equity financing, led by Mufin Green Finance and Hindon Mercantil.
With this notable investment, UrjaMobility plans to scale its operations and enhance its pay-per-use leasing model, which aims to transform the upfront costs of battery energy into manageable monthly lease values. This innovative approach has resonated with the company’s vision to promote cost-effective and hassle-free adoption of electric mobility.
Founded in 2022 by Pankaj Chopra, UrjaMobility has been making waves in the e-mobility sector with its unique leasing model. The company offers battery leasing options for a range of commercial EV categories, including L3 and L5 vehicles, as well as electric L2s powered by lithium-ion batteries. Its Energy-as-a-Service (EaaS) model has already proven to be a success, delivering 150 kWh of energy per day in its first month of operations and expanding to 45 MWh of energy daily.
The new funding will enables UrjaMobility to expand its solutions in energy consumption and supply chain management, further enhance its e-mobility offering, and increase its operational capacity. Additionally, the company has set its sights on raising an additional Rs 250 crore in the first quarter of 2025 to strengthen its retail network and meet the increasing demand for e-mobility solutions across the country.
“This funding is a significant milestone for UrjaMobility, and we are excited about the opportunities this will provide us to scale our operations and enhance our innovative leasing model,” said Pankaj Chopra, Founder, UrjaMobility. “We believe that this investment will help us accelerate the adoption of electric mobility in India and make a meaningful impact on the environment.”
UrjaMobility’s mission to transform the electric vehicle landscape in India has garnered significant attention, and this funding is a testament to the company’s commitment to delivering innovative and sustainable solutions to the market.
