Mufin Green Finance Invests in UrjaMobility to Fuel Electric Mobility Revolution with 20% Stake Acquisition
Mufin Green Finance, a company that helps fund environmentally friendly projects, recently bought 20% of UrjaMobility. They’re teaming up to focus on using fancy batteries called Li-Ion batteries. These batteries are super smart and can be used in fintech (financial technology) platforms.
The plan is to make top-notch batteries using Lithium Iron Phosphate tech. They’re sturdy and can be charged over 2000 times, lasting over 4 years. This is a big deal because it’ll help with things like e-rickshaws, which are becoming more popular and help people make a living.
Right now, about 600,000 new e-rickshaws are sold each year, but by 2030, it might jump to over 1 million a year.
“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 this financial burden, UrjaMobility provides a Battery as a service (BaaS) model that offers an easy Monthly Lease Value to the end user.”
Pankaj Chopra, founder at UrjaMobility said
“Looking at the wide adoption of Lithium Ion batteries presented as a paradigm shift as it not only enhances operational ease but also converts 50 per cent of the overall asset cost to an easily manageable monthly lease value, significantly reducing capital expenditure. Foreseeing this as 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 per cent, totaling between 10-12 million units with a product life cycle of 3 years,”
said Kapil Garg, MD at Mufin Green Finance.
Right now, about 5 million gig workers are using either electric or regular two-wheelers for deliveries. This gig economy is growing fast, about 25% each year.
Mufin Green Finance started in 2016 and is listed on the Bombay Stock Exchange. They’ve teamed up with another agency to help get more electric vehicles in India. After this partnership, they hope to reach over 100,000 customers.