Electric Vehicle: AMO Electric planning to raise $100 million, talks continue with financial companies

India’s electric two-wheeler company AMO Electric is planning to raise about $100 million in the next financial year.

AMO’s Electric Scooter(Credit: AMO Electric)

India’s electric two-wheeler company AMO Electric is planning to raise about $100 million in the next financial year. The company is focusing on research and development (R&D) to strengthen its position in the electric two-wheeler market, which will enable it to launch new products in the market. Apart from this, the company also intends to expand its manufacturing capacity and strengthen its sales structure across the country. The Noida-based company currently sells four models of electric scooters through its sales network of over 150 outlets across the country.

AMO Electric looking to raise $100 million in next fiscal

Sushant Kumar, Founder & Managing Director, AMO Electric, said, “The electric two wheeler segment is poised for tremendous growth in the next few years. To strengthen our position, we are looking to raise around $100 million in the next financial year. This will give impetus to our R&D efforts and we will be well on our way to be among the top three players in the industry.” He added that AMO Electric is in talks with several financial institutions to raise capital.

Speed ​​limit of new models of AMO will be 50 to 85 kmph

Sushant Kumar said that the company plans to introduce four new fast products including two new products in the current quarter and an electric bike in the next financial year. He said, “All the new models will have a speed limit of 50 to 85 kmph. These will also have the option of battery swapping. In terms of sales network, he said that the company is targeting around 650 dealerships across the country.

Sushant Kumar said, “We plan to sell around 1.2 lakh units in the next financial year. At present, we have a presence in about 13 states and two union territories. In the next financial year, we plan to expand to 25 states and six union territories.

With PTI inputs

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