UrjaMobility, a leading startup specializing in battery leasing for commercial electric vehicles (EVs), has raised Rs 100 crore ($12 million) in its pre-Series A funding round. The round included both debt and equity financing, co-led by Mufin Green Finance and Hindon Mercantil. The funds will be used to scale UrjaMobility’s offerings in energy consumption, supply chain management, and the e-mobility sector, while expanding its pay-per-use leasing model.
Founded in 2022 by Pankaj Chopra, urjamobility.in provides battery leasing solutions for various commercial EV categories, including L3 and L5 vehicles and electric L2s powered by lithium-ion batteries. The company’s innovative approach converts the upfront costs of battery energy into a manageable Monthly Lease Value (MLV), making electric mobility more accessible.
UrjaMobility’s pay-per-use leasing model is unique in that it allows customers to lease batteries based on kilometers driven, offering greater flexibility by transforming traditional capital expenditures (CapEx) into smart operational expenditures (OpEx). This model offers a cost-effective and hassle-free solution for businesses adopting electric mobility.
In its initial operations, UrjaMobility delivered 150 kWh of energy daily through its Energy-as-a-Service (EaaS) model. Today, the company has scaled to provide 45 MWh of energy per day, catering to the growing demand for efficient energy solutions in the e-mobility space.
Looking forward, UrjaMobility aims to raise an additional Rs 250 crore in Q1 2025 to expand its retail network and meet the rising demand for e-mobility solutions across India.