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Mufin Green Acquires 20 Percent Stake in UrjaMobility to Propel EV Revolution

UrjaMobility is eyeing an immediate deployment of 10,0000 batteries and impact the life of drivers by converting their hard-earned capital into easy monthly lease.

December 22, 2023. By Anurima Mondal

Mufin Green Finance has announced the acquisition of a 20 percent stake in UrjaMobility, forging a strategic partnership to revolutionise the electric mobility sector, focusing on the integration of cutting-edge Li-Ion batteries that provide robust control for any fintech platform.

The cornerstone of this collaboration is the integration of advanced Li-Ion batteries, providing unparalleled control for fintech platforms with IoT connectivity, thermal analytics, and remote immobilisation capabilities. These batteries, built with Lithium Iron Phosphate (LFP) technology, boast over 2000 charging cycles, ensuring a robust product life cycle exceeding 4 years.

The market for new E-Rickshaws is on a remarkable growth trajectory at 15 percent CAGR, contributing significantly to the livelihoods of individuals from socio-economic backgrounds. The current market size stands at approximately 600,000 units per year and is anticipated to surpass 1 million units annually by 2030.

Pankaj Chopra, Founder at UrjaMobility said “With the existing base of almost 3 Million E-Rickshaws operating in the market, there are approx 1 to 1.5 million units that are eyeing Battery Replacement every year assuming the Lead Acid Battery lasts between 15-20 months. Most of the battery replacement is happening with Lead-Acid batteries being a cheaper version as compared to the cost of a Lithium-ion battery. To ease out this financial burden, UrjaMobility provides Battery as a service (BaaS) model that offers an easy Monthly Lease Value to the end user.

“With plans to immediately deploy 10,000 batteries and impact the life of drivers by converting their hard earned capital into easy Monthly Lease, We are delighted to partner with Mufin Green Finance strategically,” Chopra added.

"Looking at the widely adoption of Lithium Ion batteries presented as a paradigm shift as it not only enhances operational ease but also convert 50 percent of the overall asset cost to an easily manageable monthly lease value, significantly reducing capital expenditure. Foreseeing this has a monumental shift to bolster the EV ecosystem, we are delighted to partner with UrjaMobility and envision by 2030, the commercial use of electric two-wheelers (E2W) will be 100 percent, totaling between 10-12 million units with a product life cycle of 3 years," said Kapil Garg, MD at Mufin Green Finance.

Currently the size of Last Mile Delivery (gig workers) is 5 million people operating either on E2w or ICE 2w. With delivery on the rise, this market is expected to grow at 25 percent CAGR.
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