365Telugu.com online news, India, August 12th, 2024: Kinetic Green, a prominent Indian manufacturer in the electric vehicle (EV) sector, has successfully secured a $25 million investment from Greater Pacific Capital (GPC), a leading global private equity firm. This investment is part of a targeted $40 million Series A funding round.
Since its entry into the EV market in 2016, Kinetic Green has become a significant player, offering a range of electric two-wheelers, three-wheelers, and golf carts. The company has sold over 100,000 EVs, accumulating sales exceeding ₹1000 Crores (₹10 billion).
The funding will be used to expand production at its Supa (Maharashtra) facility, enhance marketing and distribution efforts, and support research and development for new products, including the recently launched E-Luna.
The Series A round represents Kinetic Green’s first external equity fundraising. This comes as the Indian EV market approaches a key inflection point, with electric vehicle penetration expected to rise to 30% by 2030.
The company, led by Sulajja Firodia Motwani, aims to capitalize on this growth and scale up its operations to meet rising demand.
GPC’s investment includes common equity shares, convertible preference shares, and debentures. As part of the deal, Mr. Nandan Desai, Managing Director and Co-Head of India at GPC, will join Kinetic Green’s Board of Directors. The company is also seeking an additional $15 million to complete its Series A funding round by the end of 2024.
Kinetic Green’s Founder and CEO, Sulajja Firodia Motwani, expressed enthusiasm about the partnership: “This investment marks a significant milestone for Kinetic Green. Our mission to drive sustainable mobility and expand access to electric vehicles is now further supported by GPC’s investment. We are excited to advance our capabilities and contribute to India’s energy transition goals.”
GPC’s Founder and CEO, Ketan Patel, added: “India’s transition to sustainable energy is crucial for achieving global Net Zero targets. As the country’s economy grows and its middle class expands, the electrification of transport will play a vital role.
Kinetic Green, with its innovative products like the E-Luna, is well-positioned to lead this transition. We are thrilled to support their growth and help drive India’s energy transformation.”
The transaction was advised by Vantage Capital Advisors, Rajani Associates, and Trilegal.