AMU Leasing Records 3X Growth In FY24; Plans To Raise 400 Cr
Electric Vehicle (EV) financing company, Accelerated Money for U (AMU) has recorded 3X growth in revenue in FY23-24 compared to the previous year. To scale this growth and boost profitability, it intends to raise Rs. 400 crore by FY25-26. The NBFC will use the capital to fund 1 lakh electric vehicles over the next three years and diversify its financing offering. Through these efforts, the company seeks to cater to the financing needs of the cleantech space beyond electric vehicles and generate a revenue of Rs. 130 crores in the same period. It also plans to expand its presence in new regions, including Assam, Bihar, Jharkhand, and Madhya Pradesh to achieve its target revenue of Rs. 75 crores in FY24-25.
In the previous financial year, the cleantech financing platform reported a revenue of Rs. 20 crore and raised Rs. 97 crore to support over 200 MSME partnerships, comprising individual drivers, fleet owners, logistics companies, and battery leasing initiatives. With fresh revenue and funding, the NBFC aims to expand its portfolio and increase AUM.
To secure required funding the NBFC plans to explore financing options, including term loans, NCDs, equity, co-lending, venture debt, bonds, and impact funds. As a part of its Go-To-Market (GTM) strategy, the cleantech financing platform plans to focus on electric two-wheeler, three-wheeler, and four-wheeler vehicles, EV batteries, heavy commercial vehicles, drones, charging point operators, and ride-hailing services in the coming years. It anticipates that the electric two-wheelers, three-wheelers, four-wheelers, heavy commercial vehicles, and ride-hailing service segments will contribute nearly 70 per cent and batteries will add 10 per cent to its revenue.
Through growth and fundraising, the NBFC aims to target an AUM of Rs. 250 crore by FY2025, advancing its goal of achieving tenfold growth within four years.
