Electric vehicle (EV) manufacturer Kinetic Green secured a ₹2.09 billion (~$25 million) investment from private equity firm Greater Pacific Capital (GPC), as part of an overall targeted Series A fundraiser of up to $40 million.
The company plans to use the funds to scale production at its manufacturing facility in Supa, Maharashtra, market and distribute its current products, including the newly launched ELuna, and research and develop new products.
Kinetic Green’s Founder and CEO Sulajja Firodia Motwani said, “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.”
Kinetic Green offers a wide range of EVs, including electric three-wheelers, cargo, and passenger, and recently introduced electric two-wheelers under the Kinetic Green brand. The company has sold over 100,000 EVs so far.
Ketan Patel, founder and CEO of GPC, emphasized that India’s successful energy transition is critical for the world to meet its Net Zero objectives. “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. Kinetic Green and products like the E-Luna are well positioned to provide innovative and aspirational electric vehicles to India’s large, young, and growing population.”
The company earlier partnered with energy solutions provider Exicom to get advanced lithium-ion batteries for e-rickshaws.
EV sales in India reached a record 486,669 units in the first quarter of 2024, a jump of 40% year-over-year compared to the 347,676 units sold in the same period of 2023.
