Urja Mobility secures INR 100 Cr funding to lease EV batteries

Urja Mobility, an electric vehicle (EV) battery leasing company, has secured INR 100 crore (about $12 million) in a pre-Series A fundraising round that included debt and equity. The financing was sponsored by previous investors Mufin Green Finance Limited and Hindon Mercantile Limited (Mufin Green's parent company), Inc42 reported.

Citing Urja Mobility's founder and CEO, Pankaj Chopra, Inc42 reported that the business has already diluted 25% of its entire shares. 

Chopra founded Urja Mobility, a New Delhi-based EV battery solution firm, in 2023. The company rents batteries to EV users and fleet operators on a pay-per-use basis. Last year, the business received an unknown sum from Mufin Green Finance. 

It is largely focused on commercial EVs and claims to sell 45 MWh of electricity each day. Going ahead, the business aims to "sell" 300 Megawatt Hours (MWh) of energy every day. 

"This fundraising round represents a significant milestone for us. Our mission is to transform energy usage in the emobility industry while increasing our footprint throughout India. The pay-per-use model we've implemented makes emobility more accessible, and this money will allow us to expand our retail presence and give solutions to a larger audience," Chopra said. 

Kapil Garg, founder and director of Mufin Green Finance, commented on the fundraiser, saying, "We are thrilled to support Urja Mobility's journey. Their innovative ideas, together with their dedication to sustainability, are ideally aligned with our goal of assisting India's transition to clean energy."