Electric vehicle maker Kinetic Green has raised $25 million in funding from Greater Pacific Capital (GPC), a global private equity firm. The investment is part of an ongoing Series A round, in which the EV maker aims to raise up to $40 million.
Kinetic Green plans to use the capital raised to expand production at its manufacturing facility in Supa, Maharashtra.
In addition, the company plans to invest in the marketing and distribution of its current product range, which includes the recently launched E-Luna. A portion of the funds will also be used for research and development of new products.
Focus on market expansion
Kinetic Green, which entered the electric vehicle market in 2016, has established itself as a key player in India’s rapidly growing electric vehicle sector.
The company is actively working on expanding its dealer network and aims to sell more than 100,000 electric vehicles in the next year.
In addition to domestic growth, Kinetic Green is also setting its sights on international markets, particularly through the introduction of a range of premium golf carts.
The new product line is being developed in collaboration with Italy’s Lamborghini family, demonstrating Kinetic Green’s ambitions to create a global impact.
Comments from the leaders
Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, said: “The partnership with Greater Pacific Capital marks a pivotal moment for Kinetic Green. Our mission has always been to lead the transition towards sustainable mobility and make electric vehicles accessible to a wider audience. This investment will enable us to enhance our capabilities, drive zero-emission transportation and contribute significantly to India’s energy transition goals. As India progresses towards its 2030 EV targets, Kinetic Green is well positioned to be a key driver of this transformation.”
Ketan Patel, Founder and CEO of GPC, said, “India’s successful energy transition is critical to the world meeting its net-zero emissions goals and as the country becomes the world’s third-largest economy in the next 4-5 years and its middle class expands rapidly, the electrification of transportation will be a crucial element of this transition. Kinetic Group has been at the forefront of innovation in India’s automotive sector for the past 50 years and with Kinetic Green and products like the E-Luna, is well positioned to provide innovative and aspirational electric vehicles to India’s large, young and growing population. We are excited to partner with Kinetic Green to help them rapidly scale their business across the country and help drive India’s energy transition.”
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