14 Aug 2024
Kinetic Green, a leading electric vehicle (EV) manufacturer, has successfully secured $25 million from Greater Pacific Capital (GPC). This investment is part of a larger Series A funding round that aims to raise up to $40 million. The funding marks a significant milestone for Kinetic Green as the company continues to grow in the rapidly expanding Indian EV market.
Strategic Investment at a Crucial Time
This investment comes at a pivotal moment for both Kinetic Green and the Indian EV market. With 6% EV penetration in India, electric two- and three-wheelers are now the sector's primary growth drivers. The Indian government's favourable policies have set an ambitious target of achieving 30% EV penetration by 2030. Consequently, this creates a substantial growth opportunity for Kinetic Green.
Key Highlights of Kinetic Green's Strategic Plan
Scale up production: Kinetic Green will use the funds to increase production capacity at its manufacturing facility in Supa, Maharashtra.
Enhance marketing and distribution: The company plans to boost the marketing and distribution efforts for its existing products, including the newly launched E-Luna.
Invest in research and development: A portion of the investment will be allocated to developing new products through research and development.
Global expansion: Kinetic Green aims to expand internationally by launching a premium range of golf carts in partnership with the Lamborghini family of Italy.
Commitment to innovation: This expansion highlights Kinetic Green’s dedication to innovation and its strategy to diversify its product offerings beyond the Indian market.
Official Statements Reflecting Strategic Vision
Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, emphasized the importance of this partnership with GPC. She stated, “The partnership with Greater Pacific Capital marks a pivotal moment for Kinetic Green. Our mission has always been to lead the transition to sustainable mobility and make electric vehicles accessible to a broader audience. This investment will enable us to enhance our capabilities, drive zero-emission transportation, and contribute significantly to India's energy transition goals."
Ketan Patel, Founder and CEO of GPC, also expressed his enthusiasm for the partnership. He said, “India's successful energy transition is critical for the world to meet its Net Zero objectives. The Kinetic Group has been at the forefront of innovation in India's automotive sector for the last 50 years. 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 forward.”
Kinetic Green’s Position in the EV Market
Kinetic Green has established itself as a key player in the Indian EV market, particularly in the electric three-wheeler segment. The company’s product lineup includes models like the Kinetic Safar Smart and Safar Jumbo Ranger. To date, Kinetic Green has sold over 100,000 electric vehicles, generating cumulative sales of over Rs 1,000 crores.
A Promising Future for Kinetic Green
Kinetic Green is well-positioned to play a leading role in the evolving EV landscape in India and beyond. As the company continues to innovate and expand, it remains at the forefront of India’s journey towards a more sustainable future. Consequently, it plays a crucial role in advancing the country’s energy-efficient goals.
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