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UrjaMobility has secured Rs 100 crore in its pre-Series A funding round led by Mufin Green Finance Limited and Hindon Mercantile Limited.

The funds, raised through a combination of equity and debt, will be used by the energy leasing company for electric vehicles (EVs) to scale its operations and extend its pay-per-use leasing model, which allows customers to lease batteries on a per-kilometre basis.

The company plans to increase battery deployment across its e-mobility segment in B2B and retail sectors, powering up its energy capacity from 45 megawatt-hours (MWh) to 300 MWh per day.

UrjaMobility is also planning to expand its retail footprint by opening new urban centres, especially in Tier II and Tier III cities.

“This funding round marks a major milestone for us. Our goal is to revolutionise energy consumption in the e-mobility and energy storage sector while expanding our presence across India. The pay-per-use km-based model we’ve introduced makes e-mobility more accessible. This funding will help us strengthen our presence and provide solutions to a wider audience,” said Pankaj Chopra, Founder and CEO of UrjaMobility, in a statement.

The company is also aiming to raise an additional Rs 250 crore in the first quarter of 2025 to strengthen its use case applications in the battery space as well as to meet the demand in the e-mobility and energy storage solutions sectors in the country.

“We are thrilled to support UrjaMobility’s journey. Their unique pay-per-use km-based solution, combined with their supply chain capability and commitment towards sustainability, align perfectly with our focus on supporting India’s transition to clean energy,” said Kapil Garg, Founder and Managing Director at MufinGreen Finance Limited.