UrjaMobility Secures ₹100 Crore in Pre-Series A Funding to Transform E-Mobility in India
In a significant development for the electric vehicle (EV) sector in India, UrjaMobility, a pioneering start-up specializing in battery leasing, has successfully raised ₹100 crore in its Pre-Series A funding round. This funding, which combines both debt and equity financing, was led by Mufin Green Finance Limited and Hindon Mercantile Limited. The fresh capital is set to bolster UrjaMobility’s operations, particularly its innovative pay-per-use battery leasing model, as it aims to expand its footprint in the burgeoning e-mobility market.
Revolutionizing Battery Leasing with a Pay-Per-Use Model
UrjaMobility’s unique pay-per-use model allows customers to lease batteries based on the kilometers driven, effectively transforming traditional capital expenditures (CapEx) into smart operational expenditures (OpEx). This approach not only makes EV adoption more cost-effective but also provides flexibility for businesses and individuals looking to transition to electric mobility. As the demand for sustainable energy solutions grows, UrjaMobility’s model positions it as a key player in making e-mobility accessible across India.
Pankaj Chopra, the Founder and CEO of UrjaMobility, expressed his enthusiasm about the funding round, stating, “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.”
Rapid Growth and Energy Delivery Milestones
Since its inception, UrjaMobility has demonstrated impressive growth. In its first month of operations, the company delivered 150 kWh of energy per day under its Energy-as-a-Service (EaaS) model. This figure has since surged to an impressive 45 MWh of energy per day, showcasing the company’s ability to scale rapidly in response to the increasing demand for sustainable energy solutions.
Kapil Garg, Founder and Director of Mufin Green Finance Limited, highlighted the alignment of their investment with UrjaMobility’s vision, stating, “We are thrilled to support UrjaMobility’s journey. Their unique solutions, combined with their commitment to sustainability, align perfectly with our focus on supporting India’s transition to clean energy.”
Expanding Retail Footprint in Tier II and Tier III Cities
The funding will also enable UrjaMobility to enhance its retail presence, particularly in Tier II and Tier III cities, where the demand for affordable and sustainable e-mobility solutions is on the rise. The company has set an ambitious target of reaching 300 MWh of energy delivery per day and plans to open new centers to meet this growing demand.
This strategic focus on smaller cities is crucial, as it taps into a market that is often overlooked by larger players in the EV sector. By providing accessible and cost-effective solutions, UrjaMobility aims to empower more consumers to make the switch to electric vehicles.
Future Plans and Additional Funding Goals
Looking ahead, UrjaMobility has set its sights on raising an additional ₹250 crore in the first quarter of 2025. This next funding round will be instrumental in further scaling its operations and strengthening its retail network. The company’s ambitious expansion plans are geared towards continuing to offer innovative energy solutions to a rapidly growing market, ensuring that it remains at the forefront of the e-mobility revolution in India.
Conclusion
UrjaMobility’s recent funding success is a testament to the growing interest and investment in the electric vehicle sector in India. With its innovative pay-per-use battery leasing model and a clear focus on expanding its reach, the company is well-positioned to play a pivotal role in the transition towards sustainable energy solutions. As the demand for electric vehicles continues to rise, UrjaMobility’s efforts to make e-mobility accessible to a broader audience will undoubtedly contribute to a greener future for India.
As the landscape of e-mobility evolves, UrjaMobility stands out as a beacon of innovation and sustainability, ready to lead the charge into a cleaner, more efficient energy future.