AMO Electric to raise $100 million for expansion

12 Jan 2022 CW Team

AMO Electric plans to raise around $100 million in the next fiscal year. It also has plans for scaling up R&D for introducing new products, expanding manufacturing capacity, and enhancing sales infra in the country for consolidating its position in this sector.

The company is currently selling four electric scooters via their sales network of more than 150 outlets spread across the country.

The electric two-wheeler sector is in a position for immense growth in the few upcoming years. To consolidate their position, they are planning to raise about USD 100 million in the next fiscal year. Which will give momentum to the R&D attempts for trying to be one of the top three industry players.

The company is in negotiations with several financial institutions to raise the capital.

In the current quarter, the company is planning to launch two new products along with four new high speed products which include an electric bike in the following fiscal year.

Every new module will be high speed, 50-85 km/h, and with a range of over 120 kilometers. They will also come with swappable batteries.

The company has an aim of achieving approximately 650 dealerships in the country in terms of sales network, for selling more units.

In the next financial year, the company plans to sell about 1.2 lakh units. Their current presence covers 13 states and two union territories. The expansion plans to cover 25 states and around six union territories.

There are 150 dealers, which will be increased by 200 in this quarter, and approximately 300 in the next fiscal year for achieving a total of 650. Which will provide the company a position for putting more vehicles in the market.

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