Urja Mobility Secures INR 100 Crore to Fuel EV Battery Leasing

Imagine a world where you no longer have to worry about your electric vehicle running out of juice on a long journey. What if you could simply swap out your depleted battery for a fully charged one and be back on the road in minutes? This is the vision that Urja Mobility, an innovative startup based in New Delhi, is rapidly bringing to life. The startup hahs recently raised funding to lessen your worries and fuel EV battery leasing.

TICE gets you inside details of this funding round!

Urja Mobility Funding

Urja Mobility, a trailblazing startup specializing in electric vehicle (EV) battery leasing, has just secured INR 100 crore (approximately $12 million) in a pre-Series A funding round. This impressive investment, a combination of debt and equity, was spearheaded by existing investor Mufin Green Finance Limited and its parent company, Hindon Mercantile Limited.

Powering Expansion and Innovation

This significant capital infusion will empower Urja Mobility to accelerate its growth trajectory and broaden the reach of its groundbreaking pay-per-use battery leasing model. This unique approach allows customers to lease batteries and pay only for the kilometers they drive, making EVs more accessible and affordable. The funding will also enable Urja Mobility to expand its retail network, particularly in Tier II and Tier III cities, bringing its innovative solutions to a wider audience.

Founded in 2023 by Pankaj Chopra, Urja Mobility has quickly made a name for itself in the EV battery solutions sector. Its primary focus is on commercial EVs, and the company proudly claims to sell 45 MWh of energy per day. With ambitious goals for the future, Urja Mobility aims to increase this figure to 300 MWh per day, solidifying its position as a key player in the EV revolution.

Investor Confidence and Future Plans

"This funding round marks a major milestone for us," says Chopra. "Our goal is to revolutionize energy consumption in the emobility sector while expanding our presence across India. The pay-per-use model we've introduced makes emobility more accessible, and this funding will help us strengthen our retail presence and provide solutions to a wider audience."

Kapil Garg, founder and director of Mufin Green Finance, shares Chopra's enthusiasm: "We are thrilled to support Urja Mobility's journey. Their unique solutions, combined with their commitment to sustainability, align perfectly with our focus on supporting India's transition to clean energy."

Urja Mobility is not resting on its laurels. The company plans to raise an additional INR 250 crore in the first quarter of 2025 to further expand its retail network and scale its innovative offerings. This next round of funding will be crucial in allowing the company to maintain its rapid expansion and cement its leadership in the EV battery leasing market.

A Competitive Landscape and a Bright Future

Urja Mobility faces competition from established players such as Battery Smart, Sun Mobility, and VoltUp in the EV battery solutions segment. However, its unique approach and strong investor backing position it well for continued success.

The EV sector is currently experiencing a surge in investor interest, and the EV battery market, in particular, is poised for substantial growth. This growth is fueled by the increasing demand for EVs and supportive regulatory measures. Urja Mobility's innovative solutions and ambitious expansion plans make it a company to watch in this exciting and rapidly evolving market.

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