Saera Electric Auto Enters into Vehicle-Financing Tie-up with AMU Leasing

Electric vehicle maker Saera Electric Auto Private Limited (SEAPL) has entered into a vehicle financing contract with non-banking financial company (NBFC), AMU Leasing Pvt. Ltd (ALPL). The agreement paves the way for the customers of SEAPL looking to buy electric vehicles to avail financing options from ALPL.  Manufacturers have been seeking tie-ups to speed up the financing options for customers, in an attempt to side step delays that creep up when customers seek financing on their own.

AMU Leasing Private Limited (ALPL) is a Delhi-based NBFC. It claims to be the first women-led NBFC exclusively serving the EV ecosystem. The company provides loans for electric three and four-wheelers against asset hypothecation to eligible organizations.

Saera Electric Auto is a subsidiary of the Satra Group of Companies, which has a diversified business portfolio in domains like automobile spare parts, electric vehicles and agriculture equipment. The signature brand of SEAPL is Mayuri,  exclusively for e-rickshaw and e-cart. The firm is also the manufacturer of YOGO, the two-wheeler brand. The firm claims a 400 strong distribution network for its Evs.

Currently, Saera has three plants to its credit. The first one is in Bhiwadi (Rajasthan), with a production capacity of 24000 units. The second plant is in Bawal (Haryana) with a production capacity of 2 lakh units of electric two-wheelers and 36,000 units of three-wheelers in a year. The third plant in Kosi (UP) having a production capacity of 24,000 units annually has also been set up. The firm claims that it reported more than 200 per cent Growth Y-O-Y this financial year already.

Last year in December, Saera announced that it was looking to augment its growth by signing a contract manufacturing agreement with ETO Motors, a provider of EMaaS (Electric Mobility as a Service) and CaaS (Charging/Energy as a Service) solutions.