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
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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.