Leasing startup Urja Mobility has raised INR 100 crore (about $12 million) in a pre-Series A financing round that comprised loan and equity. Previous investors Mufin Green Finance Limited and Hindon Mercantile Limited, which is Mufin Green’s parent business, sponsored the fundraising, according to Inc42.
According to Inc42, which cited Pankaj Chopra, the founder and CEO of Urja Mobility, the company has already diluting 25% of all of its shares.
In 2023, Chopra established Urja Mobility, an EV battery solutions company based in New Delhi. On a pay-per-use basis, the company rents batteries to fleet operators and EV customers. The company received an undisclosed amount from Mufin Green Finance last year.
It claims to sell 45 MWh of electricity per day and is mostly focused on commercial EVs. The company wants to “sell” 300 Megawatt Hours (MWh) of electricity every day in the future.
“For us, this financing round marks an important turning point. Our goal is to expand our presence across India and revolutionize the energy consumption of the e-mobility sector. We’ve made emobility more accessible with our pay-per-use model, and with this money, we can open more stores and provide solutions to more people,” Chopra stated.
Mufin Green Finance’s founder and director, Kapil Garg, made the following statement regarding the fundraiser: “We are excited to support Urja Mobility’s journey. Their creative thinking and commitment to sustainability are well matched with our objective of supporting India’s shift to clean energy.”
