A pre-Series A funding round comprising debt and equity financing has secured Rs 100 crore ($12 million) for UrjaMobility, a business that specializes in battery leasing for commercial electric vehicles (EVs). Hindon Mercantil and Mufin Green Finance co-led the round.

According to a press statement, the new funding will be used to scale operations, improve UrjaMobility's distinctive pay-per-use leasing model, concentrate on the e-mobility industry, and extend the company's solutions in energy consumption and supply chain management.

Pankaj Chopra founded UrjaMobility in 2022. It provides battery leasing choices for a range of commercial EV classes, including as L3 and L5 cars and lithium-ion battery-powered electric L2s. The objective of the organization is to convert the initial expenses of battery energy into a feasible Monthly Lease Value (MLV).

Customers may now lease batteries based on the number of kilometers traveled thanks to UrjaMobility's innovative pay-per-use leasing model, which increases flexibility by turning conventional capital expenditures (CapEx) into wise operational expenditures (OpEx). This creative strategy gives consumers an easy and affordable way to switch to electric vehicles.

Incorporating its EaaS - Energy-as-a-Service concept, UrjaMobility states that its first month of operation, it provided 150 kWh of energy every day. By now, the business has surged its capability and is presently producing 45 MWh of energy per day.

In order to address the growing demand for e-mobility solutions throughout the nation and to further develop its retail network, UrjaMobility plans to raise an additional Rs 250 crore in the first quarter of 2025.