Kabira Mobility Raises $50 Mn To Ramp Up Production

Panjim-based electric mobility startup Kabira Mobility said on Friday (March 17) that it has raised $50 Mn in its Series A funding round from Qatar-based Al-Abdulla Group.

The startup plans to use the incoming capital to ramp up production capacity for its existing models – KM3000 and KM4000, to introduce new products and improve sales infrastructure throughout the country.

Kabira Mobility cofounder and CEO Jaibir Siwach told PTI that the startup raised $50 Mn through equity sale without revealing the exact details of the transaction.

Founded in 2019 by Akash and Jaibir Siwach, Kabira Mobility manufactures electric two-wheelers. It has two electric bike models and one electric scooter for commercial purposes. The startup, based out of Goa, has an installed production capacity of 40,000 units at its Dharwad plant in Karnataka.

The Kabira CEO was cited by PTI as saying that the startup is looking to expand its existing installed capacity to 60,000, while also looking to set up new operations.

“We are also looking to set up a new manufacturing facility around Jewar in Uttar Pradesh with an installed capacity of 1.25 lakh units a month,” said Jaibir. The project entails an investment of around INR 300 Cr, according to the CEO. Kabira will go for another funding round by the end of the year, according to the cofounder.

Siwach also said Kabira Mobility will introduce pro trims of KM3000 and KM4000 models this year, along with the KM5000, an electric cruiser, later this year. Kabira is currently focused on the electric bikes market, according to Siwach, to secure a 30% market share in the next two years.

Manoj George, Al-Abdulla Group CEO, said India holds immense potential and is expected to become the global manufacturing hub for the electric two-wheeler segment.

“Our investment in Kabira Mobility is aligned with Al-Abdulla group’s vision of investing in the renewable energy sector and supporting sustainable mobility solutions on a global scale,” he added.

Kabira Mobility will compete in a highly competitive EV two-wheeler space in India, though it would directly compete with Revolt and Ultraviolette.

Kabira’s bikes are priced the lowest among the three, with the KM3000 going for INR 1.22 Lakh, slights under Revolt’s RV400 at INR 1.24 Lakh and less than half the price of Ultraviolette’s F77 at INR 3.8 Lakh.

According to a recent RedSeer report, India’s overall EV penetration stands at 3% as of 2022. However, the report added that two-wheeler EV sales could reach 22 Mn by 2030, spurred on by increased adoption. Two-wheelers are also expected to capture around 80% of the total Indian EV market, RedSeer added.

Recent funding activity in the segment also includes a $50 Mn round raised by Ather Energy in October 2022, and Ultraviolette’s Series D round in November. Recently, River also launched an electric scooter to compete with the likes of Ola and Ather.