EV startup AMO Electric to raise $100 million to expand product range
Electric two-wheeler maker AMO Electric is looking to raise around $100 million next fiscal in order to scale up R&D to introduce new product range as well to expand its manufacturing capacity. The Noida-based company also plans to enhance its sales infra across the country in order to consolidate its position in the EV sector.
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AMO Electric currently sells four electric scooters models through its sales network of over 150 outlets across the country. “The electric two-wheeler segment is poised for tremendous growth over the next few years. In order to consolidate our position, we are looking to raise around USD 100 million next financial year," the company's founder and MD Sushant Kumar told PTI.
With the funding, the company's R&D endeavours will get impetus and will enable them to try and reach among the top three players in the industry, Kumar added. He elaborated that the company is in talks with various financial institutions for raising the capital.
AMO Electric plans to launch two new products in the current quarter and four new high speed products, including an electric bike, in the next fiscal. "All the new models would be high speed (50-85 km/h) with a range of 120 plus kilometers and there would also be the option of swappable batteries," Kumar noted.
Coming to its sales network, the company plans to launch about 650 dealerships across the country, as it prepares to sell more units in the coming days. AMO Electric currently has 150 dealerships and plans to on-board another 200 in the current quarter and about 300 in the next financial year. "We plan to sell nearly 1.2 lakh units in the next financial year. Currently, we have presence in around 13 states and two union territories. Next fiscal, we plan to expand in 25 states and around six UTs," Kumar said.