UrjaMobility, an emerging startup focused on battery leasing for commercial electric vehicles (EVs), has successfully raised Rs 100 crore ($12 million) in its pre-Series A funding round. The financing, comprising both debt and equity, was co-led by Mufin Green Finance and Hindon Mercantil.
The fresh capital infusion will enable UrjaMobility to scale its energy management and supply chain solutions, with a strong focus on the e-mobility sector. The company plans to expand its operations and further develop its innovative pay-per-use battery leasing model, which has gained significant traction since its launch.
Founded by Pankaj Chopra in 2022, UrjaMobility provides battery leasing options for various commercial EVs, including L3 and L5 vehicles, as well as electric L2s powered by lithium-ion batteries. By converting upfront battery costs into a manageable Monthly Lease Value (MLV), the company is making EV adoption more affordable and accessible.
UrjaMobility’s pay-per-use leasing model allows customers to lease batteries based on the kilometers driven, effectively turning traditional capital expenditures (CapEx) into operational expenditures (OpEx). This flexible approach provides end-users with a cost-effective and hassle-free solution to transition to electric mobility.
Since launching its Energy-as-a-Service (EaaS) model, UrjaMobility has significantly increased its energy delivery capabilities—from 150 kWh per day in its first month to an impressive 45 MWh daily. The company plans to raise an additional Rs 250 crore by Q1 2025 to further expand its retail network and meet the growing demand for EV solutions across India.
