AMO Mobility plans to raise around $ 200 million in three years to finance its expansion

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New Delhi: Electric mobility start-up AMO Mobility plans to raise around $ 200 million (nearly Rs 1,500 crore) over the next three years to fund its expansion, including increasing production capacity to around 5 lakh from two -electric wheels per year by 2025, according to company founder Sushant Kumar. .

The company, which sells a range of high-speed and low-speed (top speed less than 25 km / h) electric scooters such as Jaunty, Feisty, Inspire and Spin, currently produces around 2,000 units per month at its factory. from Noida. , Uttar Pradesh.

“We are looking to raise $ 200 million over the next three years,” Kumar told PTI.

The funds will be used for various business activities, including improving production capacity and developing new products, he added.

The fundraiser is for investment, he said, adding that the company “seeks to invest at least 40% of our total budget in the development of futuristic technologies, which will make us independent within four years. at six years ”.

Drawing up plans to improve the company’s production capacity, Kumar said, “We are currently producing 2,000 units per month. We see ourselves producing at least 1 lakh of units this fiscal year and by 2025 we aspire to produce close to 5 lakh of vehicles per year.

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Commenting on new product plans, he said, “This year we will definitely be launching at least three to four new products in the high speed and low speed categories. Now our main goal is to launch high speed products, which are in great demand with lithium (ion battery) technology.

He said AMO Mobility is also targeting B2B customers given the rapid growth of e-commerce in India which has accelerated the demand for electric scooters.

“In the B2B segment, last mile delivery is one of our main target groups. We also work with them and try to partner with them. We have provided some services but not under recognized names, but our products were last used. delivery of miles to multiple locations, ”Kumar added.

The Noida-based company currently has a presence in more than 100 cities across India, he said, adding that the company has plans to expand to 500 cities in two years. The team is working on it very quickly, and I think we can do it. ”

The company currently has around 150 exclusive channel partners across India in 12 states and is trying to increase the number to 500 in order to have a nationwide presence, Kumar said.


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