AMU Leasing, an EV Exclusive NBFC (Non-Banking Financial Company), has raised an unknown sum in its first formal debt fundraising from India’s largest public bank, the State Bank of India.
The cash, according to the company, would assist the start-up to develop its total business in the EV finance sector by creating additional offices across India, deploying better technology to enhance its service, and recruiting more staff, with a focus on hiring women.
AMU Leasing will look at enhancing its operations in semi-urban and rural markets, where it plans to deploy the funds. Commenting on the funding, Nehal Gupta, CEO of AMU Leasing said, “We are excited to partner with the largest bank in the country for our funding requirements. We hope to make this partnership loyal, reliable, and long-term. Large fund infusion for EV financing will enable mass adoption in semi-urban and rural markets along with ancillary services like new bank account opening and collection. This will guide the First time buyers of EV vehicles in a more digital and efficient manner towards receiving the loans”. AMU Leasing is headquartered in New Delhi with services across India.
AMU Leasing is a technology-driven NBFC that supports the electric-vehicle transportation industry with the goal of assisting and sustaining self-employed livelihoods. It knows the new-age technology of electric vehicles and works with consumers to create an efficient ecosystem in which leasing, financing, and purchasing are all one fluid procedure.
The expansion of the financing sector in rural and semi-urban areas coincides with the expansion of digitization in these areas. Smartphone penetration and digital payment use are at an all-time high in rural and semi-urban areas. This is increasing customer demand and encouraging NBFCs like AMU Leasing to implement digital lending methods. Customers are aware of evolving digital trends and have accounts with local or regional banks. AMU Leasing will use technology to automate the ‘paper to data’ process and offer totally digital loans in the future for a faster processing mechanism and faster adoption of EV vehicles.