Electric mobility startup AMO Mobility is in plans to raise around USD 200 million (nearly Rs 1,500 crore) in the next three years in order to fund its expansion. The company plans to enhance production capacity to around 5 lakh electric two-wheelers per annum by 2025. This was informed by the company founder Sushant Kumar to PTI. The company currently produces around 2,000 units a month at its facility at Noida, Uttar Pradesh.
It sells a range of high-speed and low-speed electric scooters with top speed of less than 25 km/hr. Its range of vehicles include Jaunty, Feisty, Inspirer and Spin.
Mr. Kumar informed that the fundraising is for investment, adding that the company is “looking to invest at least 40 percent of our total budget towards development of futuristic technology, which will make us independent within four to six years”.
Kumar said – “We are currently producing 2,000 units per month. We see ourselves producing at least 1 lakh units this financial year and by 2025 we aspire to produce nearly 5 lakh vehicles per year. This year definitely we are going to launch at least three to four new products in both high-speed and low-speed categories. Now our focus is mostly towards launching high-speed products, which are in good demand with lithium (ion battery) technology. In the B2B segment, the last mile delivery is one of our core target groups. We are also working with them and trying to partner with them. We have delivered some services but not to the recognised names but our products have been used for last mile delivery at multiple places.”