Urja Mobility is an EV startup offering battery solutions for commercial electric vehicles that secured 12 million USD during its ongoing mix of equity and debt pre-series A funding round. Hindon Mercantil and Mufin Green Finance led the round with the participation of other investors including existing investors.
The startup plans to use these fresh proceeds to scale its operations, enhance its model, expand its solutions in supply chain management and energy consumption, and expand its services in the global market.
The company also intends to use some of this investment to improve its unique pay-per-use leasing model and launch new categories. The startup specializes in energy storage and infrastructure solutions including battery leasing options for L3 or L5 vehicles, and electric L2s with Lithium-ion batteries.
The company manufactures electric batteries with a fast and intelligent manufacturing process. The company also raised funds from its existing investors Mufin Green Finance in its seed funding round.
The development came just after the Indian electric vehicle manufacturing and EV battery market saw increased investor interest. The company plans to raise Rs 250 crore in the first quarter of next year to strengthen its retail network and meet the increasing demand for EV solutions across India.
The company earns its revenue through sales of its lithium-ion batteries and subscription-based services. The startup aims to transform the upfront costs of battery energy into monthly lease value that can be managed. The investment will help the company strengthen its supply chain management and expand its network in the market.
The startup uses a business model that allows customers to lease batteries according to the kilometers driven. This allows customers to convert traditional capital expenditures into smart operational expenditures. Entrackr reported the development first.
The Guwahati-based startup manufactures lithium-ion batteries for multiple categories of commercial electric vehicles. The company uses advanced technology to provide innovative electric vehicle solutions. The company claims to have delivered over 150 kWh of energy each day through its Energy as a service model.
The firm now offers 45 MWh of energy daily with its expanded capability. The company plans to use this investment to solidify its position in the global e-mobility market. The company faces competition from other companies in the same market segment such as Battery Smart, Voltup, and Sun Mobility.
Conclusion :
Urja Mobility is an EV battery leasing startup providing energy storage solutions for commercial electric vehicles. The startup raised fresh capital of 12 million USD from Hindon Mercantil and Mufin Green Finance during its pre-series A funding round. The funding round was a mix of both debt and equity funding.
The company plans to use this amount to scale its operations, expand its solutions in energy consumption and supply chain management, expand its services, and enhance its leasing model. The company aims to raise additional funds of Rs 250 crore in the first quarter of 2025 to strengthen its position and retail network in the EV market across the country.
image source : inc42.com
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