In its successful Pre-Series A funding round, which includes both debt and equity financing, UrjaMobility raised ₹100 crores. Mufin Green Finance Limited and Hindon Mercantile Limited led the fundraising round, which will improve UrjaMobility’s cutting-edge supply chain management and energy consumption strategies for the e-mobility industry.
The additional funding will be essential to UrjaMobility’s ability to grow its business and expand its unique pay-per-use battery leasing scheme. Customers can lease batteries under this model on a per-kilometer basis, which turns traditional capital expenditure (CapEx) into more manageable operational expenditure (OpEx) and gives them more flexibility. This strategy provides end users with an easy and affordable way to transition to electric vehicles.
The CEO and founder of UrjaMobility, Pankaj Chopra, said of the investment round, “This funding round marks a major milestone for us. Our mission is to increase our footprint throughout India and transform the way energy is consumed in the e-mobility industry. We’ve made e-mobility more approachable with our pay-per-use model, and this funding will enable us to expand our retail presence and offer solutions to a larger customer base.”
After securing the initial finance, UrjaMobility intends to reach its daily goal of 300 MWh of energy sales. Additionally, the company intends to increase the size of its retail footprint by building new locations.
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