AMU Leasing Raises Debt Funding From SBI

The EV-exclusive NBFC plans to enhance its operations in semi-urban and rural markets, where it aims to deploy the funds

By Soumya Duggal

freepik

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

New Delhi-based AMU Leasing, an NBFC (non-banking financial company) exclusively for EVs, has raised an undisclosed amount in its first formal debt funding from the State Bank of India (SBI).

The funds will be used by the startup to 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, espcially women, said a statement. AMU Leasing plans to enhance its operations in semi-urban and rural markets, where it aims to deploy the funds, it added.

"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," said Nehal Gupta, CEO, AMU Leasing.

AMU Leasing plans to use the electrification of vehicles to support customers in making an efficient ecosystem where leasing, financing, and purchasing is one seamless process.

Related Topics

Living

Invest in Yourself: 10 Things Every Working Woman Should Do This Year

When striving for success, it is easy to forget about your mental and physical health. But without health, you cannot fully succeed. Follow these ten lifestyle strategies for success in your personal and professional life.

Growing a Business

8 Secrets to Success in Business

Follow these secrets to success to make 2023 a standout year for your business. Remember, success is achieved in your personal life as well as your professional life. Be sure to enjoy the entrepreneurial journey along the way.

Starting a Business

5 Things I Wish I Knew Before Founding My Own Company

It's nearly impossible to know everything before starting a company, but here are five essentials I wish I knew before founding my own.

Leadership

Two Stanford Professors Explain How to Produce Hundreds of World-Changing Ideas In 1 Hour

Cramming everyone into a conference room to "spitball" is a disaster. But with some structure and a system, literally thousands of ideas are within reach.

Career

60 Second Business Tips: 3 Ways to Boost Confidence

Business development consultant Terry Rice on silencing self-doubt.