Kabira Mobility Raises $50M From Qatar-Based Al-Abdulla Group
Panjim-based electric two-wheeler maker Kabira Mobility has raised $50 million (close to Rs 412 crore) funding from Qatar-based Al-Abdulla Group. The company plans to use the capital to fund its growth in the country. It also aims to ramp up production capacity of its electric bikes KM3000, KM4000, as well as introduce new products and improve sales infrastructure across the country.
At present, it has an installed production capacity of 40,000 units a month at its Dharwad-based plant in Karnataka, India. Kabira Mobility has raised $50 million through equity sale, said Kabira Mobility CEO Jaibir Siwach, in an interaction with PTI. However, the precise details of the deal have not been disclosed. The production capacity of the plant in Dharwad could be enhanced to 60,000 units a month, he added.
He also revealed that a new manufacturing facility around Jewar in Uttar Pradesh, India, is in the pipeline. Its installed capacity is expected to be 1.25 lakh units a month.
The project includes investment of an estimated Rs 300 crore, Siwach noted. He also mentioned that the company will pursue another round of fundraise by the end of the year. The company is set to launch pro trims of KM3000 and KM4000 electric bikes as well as introduce KM 5000, an electric cruiser later this year. Currently, its primary focus is on the electric bike segment and it is looking to capture 30% market share in the vertical over the next two years, Siwach said.
Additionally, it aims to add close to 70 dealerships in 2023 to take the total number of outlets to over 100 mark. India is anticipated to become the global manufacturing hub for the electric two-wheeler segment, said Al-Abdulla Group CEO Manoj George.