EV Maker Kinetic Green Bags $25 Mn From Greater Pacific Capital

EV maker Kinetic Green Energy and Power Solutions has secured $25 Mn from Greater Pacific Capital as part of its $40 Mn Series A funding round.

The company will use the fresh capital to increase production at its facility in Maharashtra’s Supa, market products, distribute current lineup, including the E-Luna and develop new products.

Kinetic Green, founded by Sulajja Firodia Motwani, entered the EV sector in 2016. The company claims to have sold over 100,000 EVs, generating sales over INR 1,000 Cr.

Motwani said, “The partnership with Greater Pacific Capital marks a pivotal moment for Kinetic Green. Our mission has always been to make electric vehicles accessible to a broader audience.”

Ketan Patel, CEO of GPC, said, “India’s successful energy transition is critical for the world to meet its net zero objectives, and as the country scales into the third largest economy globally in the next 4-5 years, and its middle class rapidly expands, the electrification of transport will be a crucial element of this transition.”

The company aims to sell over 100,000 EVs in the coming year. It plans to expand its dealership network and enter international markets in the middle east, Europe and Southeast Asia.

Kinetic Green offers electric two-wheelers, three-wheelers, and golf carts. Its recently launched E-Luna has received market response in towns across India.

India’s EV market is growing, with electric two-wheelers and three-wheelers leading the adoption. EV penetration is expected to reach 30% by 2030, driven by government policies.

The Indian EV market is projected to grow at a CAGR of 68.48% from 2023 to 2028, with the market size expected to increase by $34,369.3 Mn during this period. In FY2024, annual EV sales in India crossed 1.7 Mn vehicles, with electric two-wheelers accounting for over 55% of the share.

Kinetic Green against Hero Electric, Ampere Vehicles, and Okinawa Autotech in the two-wheeler segment, and Euler Motors and Omega Seiki Mobility in the three-wheeler segment.

The EV sector faces challenges such as high initial costs and limited infrastructure. However, the growing demand for sustainable transportation and government incentives present opportunities for growth.