Urja Mobility Secures INR 100 Cr to Expand EV Battery Leasing Business

New Delhi-based electric vehicle (EV) battery leasing startup Urja Mobility has raised INR 100 Cr (approximately $12 million) in a pre-Series A funding round. The round was led by Mufin Green Finance Limited and its parent company, Hindon Mercantile Limited, with a mix of debt and equity investments.

Founded in 2023 by Pankaj Chopra, Urja Mobility offers an innovative pay-per-use battery leasing model, primarily targeting commercial EVs. The new funding will expand the startup’s operations, focusing on scaling its pay-per-kilometer battery leasing service and increasing its retail presence, especially in Tier II and III cities.

Expanding Operations and Product Offerings

The fresh capital will help Urja Mobility broaden its product portfolio and streamline its supply chain management, ensuring efficient battery distribution and leasing. In addition, the startup aims to open more retail outlets across India, enhancing its accessibility and making e-mobility solutions available to a wider customer base.

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Urja Mobility currently provides 45 Megawatt Hours (MWh) of energy per day through its battery leasing operations and has set a goal to increase this to 300 MWh per day in the near future.

Aiming for Growth in 2025

Looking ahead, Urja Mobility plans to raise an additional INR 250 Cr in Q1 2025 to expand its retail network further and accelerate growth. This funding round is expected to kick off in January 2025 and close by April.

Speaking about the latest fundraising, Pankaj Chopra, founder and CEO of Urja Mobility, said, “This funding marks a significant milestone for us. Our pay-per-use model is designed to make e-mobility more accessible, and with this capital, we will strengthen our retail presence and bring our innovative solutions to a broader audience.”

Kapil Garg, Founder and Director of Mufin Green Finance, added, “We are proud to support Urja Mobility’s journey as they continue to innovate and push the boundaries of sustainable energy solutions.”

Growing Competition in the EV Battery Market

Urja Mobility competes with other EV battery solution providers such as Battery Smart, Sun Mobility, and VoltUp. According to industry reports, as investor interest in the EV sector grows, the EV battery market is expected to become a $27.7 billion opportunity by 2028, up from $16.77 billion in 2023.

With this strong backing, Urja Mobility is poised to play a key role in India’s transition to clean energy, offering scalable and sustainable solutions for the EV market.