Cleantech NBFC AMU records three-fold revenue growth, plans to raise Rs 400 crore to fund 1 lakh Electric Vehicles by FY25-26

Accelerated Money for U (AMU) has announced that it has recorded three-fold growth in revenue in FY23-24 as compared to the previous year, and in order to scale this growth and boost profitability, it plans to raise Rs 400 crore by FY25-26. 

The NBFC said in a statement that it will use the capital to fund 1 lakh electric vehicles over the next three years and diversify its financing offering to extend support to the broader cleantech domain. Through these efforts, the company said that it 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. 

AMU also said that it plans to expand its presence in new regions like 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 stated that it 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.

Expressing her thoughts on the targetted goals, Nehal Gupta, Founder and MD of AMU, said, “As a leading cleantech financing platform, we believe by making financing solutions more diverse and inclusive we can support our nation’s strides towards advancing green energy. To support our vision, we plan to boost our revenue, diversify our product offering, and support 1 lakh EVs in the next three years. And, to achieve the target, we aim to raise Rs 400 crore in the next two years and generate a revenue of Rs 130 crore in the same period. We also seek new partnerships to support our vision of making cleantech financing accessible to all.”

Through growth and fundraising, the NBFC aims to target an AUM of Rs 250 crores by FY2025, advancing its goal of achieving ten-fold growth within four years. As a financing company, AMU’s focus will be supporting the transition of the entire electric vehicle segment and heavy commercial vehicles, while amplifying the scope of charging point operators and Unmanned aerial vehicles (UAVs) in India.