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Speaking with TechGraph, Nehal Gupta, Founder & MD of Accelerated Money For U (AMU), discussed how India’s electric mobility conversation is moving beyond the development of better vehicles and batteries toward the question of how quickly people and businesses can access them, and how financing is becoming a key factor in turning improvements across the EV ecosystem into wider adoption.
Gupta also spoke about how AMU is approaching EV lending by looking beyond conventional credit histories and assessing the earning potential of borrowers alongside the performance and long-term value of the assets being financed, allowing the company to reach customers whose livelihoods and businesses are increasingly developing around electric mobility.
Read the interview in detail:
TechGraph: India’s electric mobility ecosystem has expanded rapidly over the past few years, yet financing continues to play a decisive role in how quickly adoption can scale. What changes have you observed in the lending landscape that suggest access to capital is becoming just as important as advances in vehicle and battery technology?
Nehal Gupta: India’s electric mobility journey has reached a stage where financing is no longer a supporting function—it has become a key enabler of adoption. While advancements in vehicle design, battery efficiency, and charging infrastructure have significantly improved the EV ecosystem, access to affordable and timely finance is what ultimately determines how quickly these innovations reach the end user.
Over the last few years, we have seen a clear shift in the lending landscape. Financial institutions are increasingly recognizing EVs as a viable asset class, supported by improving vehicle performance, stronger resale value, and favourable policy initiatives. This has encouraged greater participation from NBFCs, banks, and fintechs, resulting in more tailored financing solutions for different customer segments.
However, the next phase of growth will depend on how effectively the industry can extend credit to first-time borrowers, self-employed entrepreneurs, gig workers, women entrepreneurs, and underserved communities. Traditional credit assessment models are gradually evolving to incorporate alternative data, digital underwriting, and technology-driven risk evaluation, making finance more inclusive and accessible.
At AMU, we believe financing should not be viewed merely as a loan product but as a catalyst for economic mobility. Every EV financed creates livelihood opportunities, reduces operating costs for customers, and contributes to India’s clean mobility goals. As the ecosystem matures, the winners will not only be those building better vehicles or batteries, but also those creating smarter, faster, and more inclusive financing models that enable every deserving individual to participate in the green transition.
TechGraph: Much of the conversation around electric mobility still revolves around vehicles, batteries, and charging infrastructure, while financing tends to receive far less attention. Why do you think access to capital deserves a much bigger role in shaping India’s clean mobility transition, particularly at a time when the industry is preparing for its next phase of growth?
Nehal Gupta: The conversation around electric mobility has traditionally focused on vehicles, batteries, and charging infrastructure because they represent the visible pillars of the ecosystem. However, financing is the invisible force that determines whether these innovations can achieve meaningful scale. Even the most advanced EV technology has limited impact if it remains financially out of reach for the people who need it most.
India’s next phase of EV growth will be driven by mass adoption, particularly among small business owners, fleet operators, self-employed drivers, women entrepreneurs, and first-time borrowers. For these segments, the primary question is not whether electric vehicles are technologically superior—it is whether they can afford the transition. Access to capital becomes the defining factor.
Financing does much more than enable a vehicle purchase. It lowers the barrier to ownership, improves cash flow through structured repayment options, and empowers individuals to build sustainable livelihoods. When credit is accessible, it transforms EV adoption from an environmental aspiration into an economically viable decision.
The lending ecosystem itself is also evolving. Digital underwriting, alternative credit assessment models, data-driven risk evaluation, and closer collaboration between OEMs, NBFCs, banks, and fintechs are making EV financing faster, more inclusive, and better aligned with the needs of emerging customer segments. These developments are helping bridge the financing gap that has historically limited adoption.
At AMU, we believe that the future of clean mobility will not be defined solely by better vehicles or more efficient batteries—it will be defined by how effectively the financial ecosystem enables people to access them. Access to capital is not merely a financial service; it is the foundation that connects innovation with adoption, accelerates entrepreneurship, and ensures that India’s clean mobility transition is both inclusive and sustainable.
TechGraph: AMU focuses on financing the electric vehicle and battery ecosystem, an area that presents very different challenges compared with conventional vehicle lending. What has surprised you most about evaluating borrowers and assets in a market where both technology and customer behaviour continue to evolve, and how has that influenced the way you approach long-term lending opportunities?
Nehal Gupta: One of the biggest learnings is that success in EV financing cannot be measured through the same lens as conventional vehicle lending. The electric mobility ecosystem is evolving rapidly—not only in terms of technology, but also in how customers use these assets to generate income. This requires lenders to look beyond traditional credit parameters and develop a much deeper understanding of customer behaviour, asset performance, and market dynamics.
What has surprised us most is the resilience and entrepreneurial mindset of many EV borrowers. A significant proportion of our customers are first-time entrepreneurs, gig workers, small fleet operators, and self-employed individuals who may have limited formal credit histories but demonstrate strong repayment intent when financing solutions are aligned with their cash flows. This reinforces the importance of evaluating the borrower’s earning potential and business viability, rather than relying solely on conventional credit metrics.
On the asset side, the market has evolved considerably. Battery performance, vehicle reliability, charging infrastructure, and after-sales support have all improved over the past few years, increasing confidence in EVs as financeable assets. At the same time, the pace of technological innovation means lenders must continuously reassess residual values, product lifecycles, and manufacturer capabilities to manage risk effectively.
These realities have shaped AMU’s lending philosophy. We combine technology-enabled underwriting with sector-specific expertise to make informed credit decisions, while maintaining a long-term perspective on portfolio quality rather than focusing only on short-term disbursement growth. We also work closely with OEMs, dealers, and ecosystem partners to better understand product performance and customer needs on the ground.
Ultimately, EV financing is not just about funding a vehicle—it is about financing livelihoods, supporting entrepreneurship, and enabling a cleaner economy. As the sector matures, lenders who combine prudent risk management with deep ecosystem knowledge will be best positioned to drive sustainable growth while expanding financial inclusion.
TechGraph: Battery performance, residual value, and rapidly evolving technology continue to shape lending decisions across the EV ecosystem. How are financial institutions adapting their risk assessment models when many of these assets are still defining their long-term value, and what factors have become far more important than they were just a few years ago?
Nehal Gupta: The EV financing ecosystem has evolved significantly over the past few years. Earlier, concerns around battery life, residual value, limited operating history, and technological uncertainty made lenders understandably cautious. Today, while these factors remain important, the industry has accumulated far more operational data, enabling financial institutions to make better-informed and more sophisticated lending decisions.
Risk assessment in the EV space is no longer based solely on the value of the physical asset. It increasingly considers the strength of the entire ecosystem surrounding the asset. Factors such as battery performance over time, manufacturer credibility, after-sales service capabilities, availability of spare parts, charging infrastructure, and vehicle utilisation patterns have become critical inputs in the underwriting process.
Equally important is the evolution in customer assessment. Traditional credit scores alone are no longer sufficient, particularly when financing first-time borrowers, self-employed entrepreneurs, or gig economy participants. Financial institutions are increasingly incorporating alternative data, digital payment histories, business cash flows, telematics, and technology-enabled underwriting models to build a more comprehensive understanding of repayment capacity.
Another important shift has been the growing emphasis on portfolio performance rather than individual transactions. Lenders are continuously analysing asset behaviour, repayment trends, geographic performance, and OEM partnerships to refine risk models and improve long-term portfolio resilience. This data-driven approach enables institutions to respond quickly as technology and market conditions evolve.
At AMU, we believe successful EV financing requires balancing innovation with prudent risk management. While technology will continue to evolve, disciplined underwriting, strong ecosystem partnerships, and continuous data analysis are what will enable lenders to finance the sector confidently and sustainably. The future of EV lending will belong to institutions that combine financial expertise with a deep understanding of the electric mobility ecosystem, ensuring that innovation is matched by responsible and inclusive access to capital.
TechGraph: Commercial fleets are emerging as one of the fastest-growing opportunities for electric mobility, driven by operating economics as much as sustainability goals. How is this changing financing demand, and what does it reveal about where India’s EV market is headed as businesses increasingly look at electrification through the lens of long-term operational efficiency?
Nehal Gupta: Commercial fleets are becoming one of the strongest growth drivers for India’s electric mobility ecosystem because the business case for electrification has become increasingly compelling. While sustainability remains an important objective, fleet operators are primarily making decisions based on operational efficiency, predictable running costs, and improved long-term profitability. This marks a significant shift in the market—from EV adoption driven by intent to adoption driven by economics.
As businesses become more confident in the reliability and performance of electric vehicles, we are seeing growing demand for financing solutions tailored to commercial applications such as last-mile delivery, passenger mobility, logistics, and urban transportation. Fleet operators are looking beyond the initial purchase price and evaluating the total cost of ownership, where EVs often deliver meaningful savings through lower fuel and maintenance expenses over the vehicle’s lifecycle.
This shift is also changing the expectations of lenders. Financing is no longer limited to supporting vehicle acquisition; customers increasingly seek flexible, business-oriented solutions that align with fleet cash flows, expansion plans, and operational cycles. Financing models are therefore becoming more specialised, with greater emphasis on customised repayment structures, technology-enabled monitoring, and long-term partnerships rather than one-time transactions.
At AMU, we see this trend as a clear indicator of where India’s EV market is headed. The next phase of growth will be driven by commercial adoption at scale, where businesses view electric mobility as a strategic investment that enhances productivity, reduces operating costs, and improves competitiveness. As fleet electrification accelerates, the role of financial institutions will extend beyond providing capital—they will become key partners in enabling businesses to transition confidently toward cleaner and more efficient mobility solutions.
Ultimately, the future of India’s EV ecosystem will be shaped by the convergence of technology, sound economics, and accessible finance. Institutions that understand the operational realities of commercial mobility and offer tailored financing solutions will play a pivotal role in accelerating the country’s transition to sustainable transportation.
TechGraph: Connected vehicles are generating far richer data than lenders have traditionally had access to, creating new opportunities to understand asset performance and borrower behaviour better. How do you see this changing the way financial institutions approach underwriting, risk management, and customer engagement over the next few years?
Nehal Gupta: Connected vehicles are fundamentally changing the way financial institutions think about lending. Traditionally, underwriting relied heavily on historical financial records and static credit assessments. Today, connected mobility is enabling a shift towards real-time, data-driven decision-making, allowing lenders to better understand both asset performance and borrower behaviour throughout the loan lifecycle.
The availability of telematics and vehicle usage data offers valuable insights into parameters such as vehicle utilisation, operating patterns, battery health, maintenance history, route efficiency, and overall asset productivity. These insights enable financial institutions to move beyond conventional risk models and build a more dynamic understanding of how an asset performs and how consistently it generates income for the borrower.
Over the next few years, underwriting is expected to become increasingly predictive rather than purely historical. Instead of relying solely on credit scores, lenders will be able to combine alternative data, digital payment behaviour, telematics, and cash flow analytics to assess repayment capacity more accurately. This will be particularly valuable in expanding access to finance for first-time borrowers, gig workers, and small entrepreneurs who may have limited formal credit histories but demonstrate strong business potential.
Connected data will also strengthen portfolio risk management. Continuous monitoring of asset performance can help lenders identify early warning signals, optimise portfolio quality, improve residual value assessment, and design proactive customer support strategies before financial stress emerges. This creates opportunities for better risk mitigation while enhancing customer confidence and reducing defaults.
Beyond risk management, connected mobility will transform customer engagement. Financing will become more personalised, with institutions offering customised repayment structures, preventive maintenance support, insurance solutions, and value-added digital services based on actual vehicle usage. Rather than being viewed solely as providers of capital, lenders will increasingly become long-term mobility partners that support customers throughout the lifecycle of the asset.
At AMU, we believe data and technology will be among the most powerful enablers of the next generation of EV finance. However, while data can significantly improve decision-making, it must always be supported by responsible governance, customer consent, strong data privacy standards, and sound credit discipline. The institutions that successfully combine advanced analytics with responsible lending practices will be best positioned to build a more inclusive, resilient, and sustainable electric mobility ecosystem.
TechGraph: Green financing is no longer limited to funding individual vehicle purchases. It is increasingly supporting batteries, charging infrastructure, and the broader clean mobility ecosystem. Looking at this wider transition, where do you believe financing can create the greatest long-term impact, and how is AMU positioning itself to support the next phase of India’s green mobility journey?
Nehal Gupta: Green financing is evolving from simply funding individual EV purchases to enabling the entire clean mobility ecosystem. As India’s transition to sustainable transportation gathers pace, the greatest long-term impact of finance will come from supporting the interconnected ecosystem that makes large-scale EV adoption possible—vehicles, batteries, charging infrastructure, fleet electrification, energy storage solutions, and the entrepreneurs who power this value chain.
The next phase of growth will not be driven by technology alone. It will depend on how effectively capital reaches every stakeholder in the ecosystem. Financing has the ability to bridge the gap between innovation and adoption by reducing the upfront cost of clean mobility, accelerating business expansion, and creating opportunities for individuals and enterprises to participate in the green economy.
At AMU, we view green finance as a catalyst for economic empowerment as much as for environmental progress. Our focus extends beyond financing electric vehicles—we are committed to supporting the broader electric mobility ecosystem, including battery financing and other emerging clean mobility solutions that strengthen the EV value chain. By leveraging technology-enabled underwriting, customer-centric financing models, and deep sector expertise, we aim to make access to capital faster, more inclusive, and better aligned with the evolving needs of the market.
We also believe collaboration will define the future of green finance. Strong partnerships between NBFCs, banks, OEMs, battery manufacturers, charging infrastructure providers, fintechs, policymakers, and investors will be essential to building a resilient and scalable ecosystem. No single stakeholder can accelerate India’s clean mobility transition alone; sustainable growth will come from an integrated approach where finance enables innovation across every stage of the value chain.
Looking ahead, AMU’s vision is to be more than a financier—we aspire to be a long-term ecosystem partner that empowers entrepreneurs, supports businesses in adopting sustainable mobility solutions, and contributes meaningfully to India’s climate and economic development goals. As electric mobility becomes a cornerstone of the nation’s growth story, we believe accessible, responsible, and innovative financing will be one of the most powerful forces shaping a cleaner, more inclusive, and future-ready India.
TechGraph: Looking ahead, what developments do you believe will have the biggest influence on India’s EV financing landscape over the next five years, and what should lenders start preparing for today as the market continues to mature and electric mobility becomes an increasingly mainstream part of the transportation ecosystem?
Nehal Gupta: Over the next five years, India’s EV financing landscape will move from being an emerging segment to becoming an integral part of the country’s financial ecosystem. The pace of this transformation will be shaped by three key factors—greater market maturity, deeper technology integration, and stronger ecosystem collaboration.
As EV adoption accelerates across both personal and commercial mobility, financing will become increasingly specialised. Lenders will need to move beyond conventional vehicle financing models and develop solutions tailored to fleet operators, MSMEs, gig workers, women entrepreneurs, and first-time borrowers. Flexible financing structures, faster digital loan journeys, and customer-centric products will become key differentiators.
Technology will play an equally transformative role. The integration of AI-driven underwriting, alternative credit assessment, connected vehicle data, telematics, and predictive analytics will enable lenders to make more accurate risk assessments while expanding financial inclusion. Institutions that successfully leverage real-time data will be better positioned to price risk, monitor asset performance, and deliver more personalised financial solutions.
Another important trend will be the growing focus on the total EV ecosystem rather than individual assets. Financing opportunities will increasingly extend beyond vehicles to batteries, charging infrastructure, battery replacement, and energy storage solutions, creating a more diversified and resilient green finance ecosystem.
Equally significant will be the evolution of collaborative financing models. Partnerships between NBFCs, banks, OEMs, fintechs, battery manufacturers, charging infrastructure providers, and policymakers will become increasingly important in reducing risk, improving customer reach, and accelerating market adoption. The institutions that embrace collaboration rather than operating in silos will help shape the next phase of India’s clean mobility transition.
For lenders, preparation must begin today. This means investing in technology, strengthening data-driven underwriting capabilities, building sector-specific expertise, enhancing risk management frameworks, and developing products that reflect the realities of the evolving EV market. It also requires maintaining a long-term perspective—prioritising portfolio quality, customer trust, and sustainable growth over short-term expansion.
At AMU, we believe the future of EV finance is not just about lending capital—it is about enabling opportunity. As electric mobility becomes increasingly mainstream, the most successful financial institutions will be those that combine innovation with responsible lending, understand the evolving needs of customers, and actively contribute to building an inclusive, resilient, and sustainable mobility ecosystem for India.