Electric mobility startup AMO Mobility plans to raise around USD 200 million (nearly Rs 1,500 crore) in the next three years to fund its expansion, including enhancing production capacity to around 5 lakh electric two-wheelers per annum by 2025, according company founder Sushant Kumar.
The company, which sells a range of high-speed and low-speed (top speed of less than 25 km/hr) electric scooters such as Jaunty, Feisty, Inspirer and Spin, currently produces around 2,000 units a month at its facility at Noida, Uttar Pradesh.
“We are looking to raise USD 200 million in the next three years,” Kumar told PTI.
The funds will be utilised for various business activities, including enhancing production capacity and new product development, he added.
The fundraising is for investment, he said, adding that the company is “looking to invest at least 40 per cent of our total budget towards development of futuristic technology, which will make us independent within four to six years”.
Elaborating on the company’s production capacity enhancement plans, Kumar said, “We are currently producing 2,000 units per month. We see ourselves producing at least 1 lakh units this financial year and by 2025 we aspire to produce nearly 5 lakh vehicles per year.”
Commenting on new product plans, he said, “This year definitely we are going to launch at least three to four new products in both high-speed and low-speed categories. Now our focus is mostly towards launching high-speed products, which are in good demand with lithium (ion battery) technology.”
He said AMO Mobility is also targeting B2B customers considering how the fast growth of e-commerce in India has accelerated the demand for electric scooters.
“In the B2B segment, the last mile delivery is one of our core target groups. We are also working with them and trying to partner with them. We have delivered some services but not to the recognised names but our products have been used for last mile delivery at multiple places,” Kumar added.
The Noida-headquartered firm is currently present in over 100 cities across India, he said, adding that at company has a plan of expansion to 500 cities in another two years. The team is working towards it very fast, and I think we will be able to achieve that.”
The company currently has about 150 exclusive channel partners across India in 12 states and is trying to increase the number up to 500 in order to have a presence across the country, Kumar said.
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The brand is available in 100 cities across India with more than 120 channel partners. The brand is aiming for 100% expansion in the next 6-8 months. AMO Electric sold 416 units in the last festive season.