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UrjaMobility secures $12 Mn in pre-Series A funding

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UrjaMobility, a startup specializing in battery leasing for commercial electric vehicles (EVs), has raised Rs 100 crore ($12 million) in its pre-Series A funding round, which includes both debt and equity financing. The round was co-led by Mufin Green Finance and Hindon Mercantil. The new funds will be used to expand UrjaMobility’s solutions in energy consumption and supply chain management, focus on the e-mobility sector, scale operations, and enhance its unique pay-per-use leasing model, according to a press release. 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 powered by lithium-ion batteries. The company aims to transform the upfront costs of battery energy into a manageable Monthly Lease Value (MLV). UrjaMobility has introduced a unique pay-per-use leasing model that allows customers to lease batteries based on kilometers driven, providing greater flexibility by converting traditional capital expenditures (CapEx) into smart operational expenditures (OpEx). This innovative approach offers end-users a cost-effective and hassle-free solution for adopting electric mobility. 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. The company has since expanded its capabilities and now provides 45 MWh of energy daily. Looking ahead, UrjaMobility aims to raise an additional Rs 250 crore in the first quarter of 2025 to further strengthen its retail network and meet the increasing demand for e-mobility solutions across the country.