India’s electric vehicle revolution faces an unexpected roadblock; not technology, not infrastructure, but access to credit. Despite aggressive government push and surging demand, traditional banks and NBFCs hesitate to finance EVs, citing asset risk and lack of historical data. First-time borrowers, gig workers, MSMEs, and women entrepreneurs, the very segments driving EV adoption in Tier 2-4 India, find themselves locked out of formal credit systems due to rigid documentation requirements and conventional credit scoring.
Nehal Gupta, a BFSI veteran and graduate of Indiana University’s Kelley School of Business, recognized this gap in 2021. His response: Accelerated Money For U (AMU), a Gurugram-based NBFC built specifically for EV and green-asset financing. Three years later, AMU has financed over 20,000 EV owners across 18 states, achieving a remarkable 95%+ repayment efficiency, proof that the right underwriting model can unlock both inclusion and profitability.
The Problem Traditional Lenders Couldn’t Solve
The disconnect between India’s EV ambitions and ground reality was stark. While government policies encouraged electric mobility, the financial infrastructure to support it simply didn’t exist. Commercial EV drivers looking to upgrade from petrol rickshaws, women entrepreneurs seeking e-two-wheelers for delivery businesses, and MSMEs planning electric fleet expansion faced systematic rejection from lenders who viewed EV assets as unproven and risky.
“Traditional lenders misprice EV risk because they lack understanding of both the asset performance and the borrower’s cash-flow patterns,” Gupta explains. “They apply generic lending models to a fundamentally different category, resulting in either prohibitively high interest rates or outright rejection.”
The problem was particularly acute in Tier 2-4 markets, where demand for commercial EVs was highest but formal credit access was lowest. These borrowers often first-time credit seekers didn’t fit traditional risk models despite having strong repayment capacity linked to their daily earnings.
Building EV-Native Underwriting
AMU’s solution centered on what Gupta calls “EV-native underwriting”; credit models designed specifically for electric vehicle assets and the livelihoods they enable. Instead of relying solely on credit scores and formal documentation, AMU developed alternative data frameworks incorporating cash-flow analysis, asset performance tracking, and on-ground verification.
“We learned early that livelihood-linked borrowers are highly disciplined repayers,” Gupta notes. “A commercial EV driver’s daily earnings are predictable and transparent. By aligning loan structures with their actual earning cycles rather than arbitrary monthly schedules, we dramatically improved both access and repayment rates.”
This approach required building strong on-ground presence in Tier 2-4 markets, not just for verification but for establishing trust. AMU’s field teams work directly with borrowers, understanding their operations, income patterns, and business needs before structuring customized financing solutions.
The company’s pricing follows a risk-adjusted model based on asset type, borrower cash flows, and risk profile; transparent and fair rather than blanket high-interest rates. As Gupta emphasizes, “Access to credit is driven more by trust and cash-flow understanding than credit score.”
Strategic Partnerships and Rapid Scale
AMU’s first customers came through direct partnerships with EV OEMs and dealerships. By integrating into the EV ecosystem at the point of purchase, the company simplified the financing process while building confidence among both manufacturers and buyers. These OEM alliances, combined with field teams and repeat customer referrals, enabled rapid scaling.
The leadership team brings complementary strengths. Manish Sinha, Executive Director, brings over 22 years in retail lending, having managed ₹25,000 crore portfolios at Hero Fincorp, Bajaj, and HDFC. Raman Aggarwal, Company Advisor with 32+ years of NBFC expertise, consults for The World Bank and serves on SIDBI’s Advisory Committee. Kavi Arora, Strategic Advisor with three decades in financial services, specializes in portfolio management and credit structuring.
Gupta also serves as Director at the Electric Mobility Financiers Association of India (EMFAI), positioning AMU at the center of industry-wide efforts to standardize and scale EV financing.
Success Stories That Validate the Model
The numbers tell part of the story; 20,000+ financed customers, 18-state presence, 95%+ repayment efficiency. But individual success stories reveal the human impact. Through the SEWA program, women entrepreneurs accessed EV financing for the first time. A woman borrower in Lucknow doubled her income by launching an EV two-wheeler delivery business. Commercial EV drivers reduced fuel and maintenance costs significantly, improving savings and financial stability. MSMEs expanded operations using EV fleets financed by AMU, creating additional employment.
“Our initial assumption was that EV financing demand would grow gradually,” Gupta recalls. “Reality proved otherwise demand was immediate and high, especially in Tier 2-4 towns. We also assumed borrowers would need heavy financial education, but learned they’re already financially sophisticated within their operational context.”
This insight shaped product development. Rather than pivoting due to competition, AMU continuously refined products based on customer insights and field feedback, ensuring loan structures aligned with real earning cycles and business needs.
Vision: India’s Leading Green-Asset NBFC
Looking ahead, AMU’s ambition extends beyond EV loans to a full-stack green finance platform. Plans include expanding into MSME mobility loans, insurance bundles, battery financing, and leasing solutions. The company aims to reach ₹1,000 crore+ AUM within five years while maintaining its focus on underserved borrowers and disciplined growth.
Immediate priorities for the next six months include onboarding 15,000+ new customers, expanding in UP, Bihar, MP, and Maharashtra, launching battery top-up loans and insurance bundles, upgrading the MyAMU app for self-serve onboarding, and scaling co-lending partnerships with banks and NBFCs; all while maintaining 95%+ repayment efficiency.
“We’re not just financing vehicles,” Gupta emphasizes. “We’re enabling millions of livelihoods through clean transportation and building infrastructure for India’s green economy transition.”
The company differentiates through deep OEM partnerships, strong on-ground presence, and focus on inclusion over cherry-picking prime customers. While traditional NBFCs, banks, and fintech players enter EV financing with generic models, AMU’s EV-native approach; combining technology, field execution, and community impact remains rare in the NBFC space.
Advice for Fellow Entrepreneurs
When asked about lessons for new founders, Gupta’s response reflects hard-won experience: “Master the art to pivot and to not become a limiting factor for your own business.”
This philosophy staying adaptable while building disciplined systems has guided AMU from initial concept to 20,000-customer scale. In a sector where many predicted failure due to asset risk, AMU proved that understanding cash flows, building trust, and aligning financing with real livelihoods can unlock both financial inclusion and sustainable profitability.
As India accelerates toward its EV goals, AMU’s model offers a blueprint: when traditional credit systems fail to serve emerging needs, innovation lies not in abandoning discipline but in redesigning underwriting for the actual conditions and communities you’re serving.
Learn more about AMU’s EV financing solutions and the MyAMU app at their Gurugram headquarters: 2nd Floor, IREO Grand View Tower, Sector-58, Gurugram, Haryana – 122001
