Urja Mobility, a commercial EV battery leasing startup, has raised ₹100 crore in its pre-Series A funding round co-led by Mufin Green Finance and Hindon Mercantil. The capital infusion includes a mix of equity and debt.
The funds raised will be used to scale its operations and expand its pay-per-use battery leasing model. This model enables customers to lease batteries on a per-kilometer basis, converting traditional capital expenditures into operational costs, and offering a flexible and cost-efficient solution for adopting electric mobility.
With this funding, Urja Mobility aims to achieve a target of 300 MWh of energy sold per day. The funding will also support plans to expand its retail network, specifically in Tier II and III cities, where there is growing demand for e-mobility solutions.
Urja Mobility also plans to raise an additional ₹250 crore in the first quarter of 2025 to strengthen its retail network and address the rising demand for e-mobility solutions in the country. This subsequent funding round will enable the company to continue its expansion and further develop its offerings.
Pankaj Chopra, Founder & CEO of Urja Mobility, said, “This funding round marks a major milestone for us. Our goal is to revolutionize energy consumption in the e-mobility sector while expanding our presence across India. The pay-per-use model we’ve introduced makes e-mobility more accessible, and this funding will help us strengthen our retail presence and provide solutions to a wider audience.”
“We are thrilled to support Urja Mobility’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 MufinGreen Finance Limited.
Founded in 2023 by Pankaj Chopra, UrjaMobility offers battery leasing options for various commercial EV categories, including L3 and L5 vehicles, as well as electric L2s using lithium-ion batteries. This model allows customers to lease batteries on a per-kilometer basis, offering them greater flexibility by converting traditional CapEx into Smart OpEx.
The company’s unique leasing model transforms upfront battery costs into a manageable Monthly Lease Value (MLV), making EV adoption more affordable and practical for businesses.
In its first month of operations, Urja Mobility reported delivering 150 kWh of energy per day under its Energy-as-a-Service (EaaS) model. Currently, Urja Mobility has expanded its capabilities significantly, scaling up to provide a massive 45 MWh of energy per day.
