The startup UrjaMobility, which specialises in leasing batteries for electric vehicles (EVs) used for commercial purposes, has raised Rs 100 crore (USD 12 million) in its pre-Series A funding round. This funding includes a combination of borrowed money and investment from shareholders. Mufin Green Finance and Hindon Mercantil were the main leaders in this funding round.

According to a press release, the new funds will help UrjaMobility expand its solutions for managing energy use and supply chains, with a focus on the electric vehicle industry. The company will also use the funds to grow its operations and improve its unique leasing model, where customers pay based on usage.

UrjaMobility plans to raise an additional Rs 250 crore in the first quarter of 2025 to strengthen its retail network further and meet the growing demand for electric mobility solutions nationwide.

Founded in 2022 by Pankaj Chopra, UrjaMobility offers battery leasing options for different types of commercial EVs, such as L3 and L5 vehicles and electric L2s powered by lithium-ion batteries. The company’s goal is to change the way businesses handle the initial costs of battery energy by making them more manageable with a Monthly Lease Value (MLV).

UrjaMobility has introduced a unique leasing model that allows customers to lease batteries based on the distance they drive. This approach provides more flexibility by turning traditional capital expenditures (CapEx) into smart operational expenditures (OpEx). This innovative method offers users a cost-effective and convenient solution for switching to electric mobility.

In its first month of operation, UrjaMobility claims to have provided 150 kWh of energy per day through its Energy-as-a-Service (EaaS) model. The company has expanded its capabilities and now provides 45 MWh of energy daily.

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