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EV Exclusive NBFC (Non-Banking Financial Company) AMU Leasing has raised an undisclosed amount in its first formal debt funding from India’s leading public bank the State Bank of India.
According to the company, the funding will help the start-up expand its overall business in the EV financing landscape by opening more offices across India, deploying better technology to enhance its offering, and hiring more employees with a focus on hiring women employees.
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 more digitally and efficiently towards receiving the loans. AMU Leasing is headquartered in New Delhi with services across India,” Gupta further added.
AMU Leasing is a technology-driven NBFC that supports the electric-vehicle transportation segment to help self-employed livelihoods and sustain that improvement. It understands the new-age technology of electric vehicles and stands alongside customers to support making an efficient ecosystem where leasing, financing, and purchasing are one seamless process.
The growth of the financing sector in rural and semi-urban areas goes hand in hand with the growth of digitization in these areas. Smartphone penetration and adoption of digital payments are at their peak in rural and semi-urban areas.
This is creating a demand from the end consumer and further pushing NBFCs like AMU Leasing to adopt digital lending processes. The customers are aware of the changing digital trends and already have accounts with local or regional banks.
Going forward, AMU Leasing will technologically empower itself to automate the ‘document to data’ process and offer completely digital lending for a speedier processing mechanism and faster adoption of EV vehicles.