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28 Aug 2021

Kinetic Green, to spend Rs 300 crore in EV biz, prepares to operate on the reborn Luna.

By News Date 28 Aug 2021

Kinetic Green, to spend Rs 300 crore in EV biz, prepares to operate on the reborn Luna.

Kinetic Green's Sulajja Firodia Motwani: "We have just hired a competitive plan to spend approximately Rs 300 crore in the next 3-4 years."

Kinetic Green Energy and Power Solutions, the electronic vehicle production run of the Kinetic Group, is prepared to play a more significant role in the "last-mile." says Sulajja Firodia Motwani, co-founder and CEO, Kinetic Green and vice-chairperson of the Kinetic Group.

Kinetic Green, which produces electric three-wheelers for cargo purposes, has sold more than 30,000 vehicles till day. In terms of income, the company has an increasing topline of Rs 350 crore.

Talking about Autocar Professional recently, Ms Motwani said: "This year, we had a sales drop because of the Covid-19 situation but are targeting Rs 200 crore topline this year. Our resources have been around Rs 70-100 crore for the last 3-4 years. presently we are in an acceleration condition and see the business as a multi-thousand crore opportunity. Now We have already invested around Rs 100 crore in Kinetic Green. The promoters have spent around Rs 50-60 crore in investment and Rs 40 crore in other forms of funding. But now we have just hired a very competitive plan to spend around Rs 300 crore in the next 3-4 years through promoter and Series A funding. We expect to complete the Series A funding in the next 12 months," she declares.

The Kinetic Safar Star and Safar Jumbo have electric three-wheelers.

Kinetic Green tries to ride India's e-commerce and home delivery boom with its Safar Star and  Safar Jumbo electric three-wheelers, launched in October 2019 and October 2020, respectively.

The Kinetic Safar Star (top), which has the speed of 40kph and highlights an exceptional lithium-ion 48 V battery with 150 AH power, has a driving limit of up to 130km per charge. Planned for day-long performances, it also has a swappable battery choice.

The Kinetic Safar Jumbo, which holds a GVW of over 1 ton, a cargo box with 150 square feet cubic capability and 500kg payload, is provided with an advanced lithium-ion battery application designed to give a variety of 120km on a single command.

Luna revival in electric form 
Ironically, while the demand for electric three-wheelers in India is denting for rapid growth, Ms Motwani admits that "the electric two-wheeler space is beginning to look impressive and will accelerate from here onwards."

While the Kinetic Group went out of the two-wheeler business decades ago, it may be recalled that Kinetic was once a top-of-mind brand for motoring on two wheels.

If questioned about the potential for the service of the iconic Luna brand, Ms Motwani replies, "I can neither approve nor reject anything about our attempts in this way. Kinetic has constantly been out there amongst the top brands provided that we performed life-changing outcomes like the Kinetic Honda and Luna that were category creators. The brand was always iconic. Interestingly, there is a lot of noise in the market about the electric Luna. Because of the iconic status of the Kinetic brand, it continues fairly on top-of-recall for the client. The electric two-wheeler space is starting to look interesting and will accelerate from here onwards. From an industry view, the flow is now turning quickly for e-two-wheelers."

It is determined that the business is in superior stages for making a proper announcement in a month or two regarding entering the electric two-wheeler space, so reviving the ''Luna'' in its electric avatar.

What confirms the e-Luna project is that, on August 13, Arun Firodia, Chairman of the Kinetic Group, approved the news while talking to a television news channel. And Kinetic Group MD Ajinkya Firodia also revealed the information on his social media handles.

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