EV startup AMO Electric to raise $100 million to expand product range

AMO Electric currently sells four electric scooters models through its sales network of over 150 outlets across the country.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.
By : HT Auto Desk
| Updated on: 09 Jan 2022, 11:26 AM
Amo Electric plans to have about 650 dealerships across the country,
Amo Electric plans to have about 650 dealerships across the country,
Amo Electric plans to have about 650 dealerships across the country,
Amo Electric plans to have about 650 dealerships across the country,

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.

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.

Similar Cars

Find More Cars
Tata Tigor Ev (HT Auto photo)
Tata Tigor Ev
Electric | Automatic
₹11.99 - 13.14 Lakhs**Ex-showroom price
Tata Altroz Ev (HT Auto photo)
UPCOMING
Tata Altroz Ev
 
₹12 - 15 Lakhs* *Expected Price
Tata Nexon Ev (HT Auto photo)
Tata Nexon Ev
Electric | Automatic
₹13.99 - 16.85 Lakhs**Ex-showroom price
Tata Nexon Ev Max (HT Auto photo)
Tata Nexon Ev Max
Electric | Automatic
₹17.74 - 19.24 Lakhs**Ex-showroom price
Mg Zs Ev (HT Auto photo)
Mg Zs Ev
Electric | Automatic
₹21 - 24.68 Lakhs**Ex-showroom price
Mg Zs Ev 2022 (HT Auto photo)
Mg Zs Ev 2022
Electric | Automatic
₹21.99 - 25.88 Lakhs**Ex-showroom price

(Also read | Attero will invest 300 crore to boost battery recycling capacity)

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.

FOLLOW US:Stay Updated with latest content - Subscribe us on
FOLLOW US:Stay Updated with latest content - Subscribe us on

(Also read | Ola Electric scooter true range: EV maker clarifies as rival Ather takes a dig)

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.

First Published Date: 09 Jan 2022, 11:24 AM IST
Recommended For You
View All
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city