The company on Wednesday introduced new range of three wheelers on an all new platform, to cater to almost 100% of the growing Indian electric three wheeler market.
Speaking on the sidelines of an event in Pune, Sullaja Firodia Motwani, Founder and CEO of Kinetic Green told Autocar Professional, “We closed FY24 with a turnover of Rs 300 crore, this should almost triple in the current year, backed by strong demand for E Luna and the new three wheelers aimed at the B2C segment. We are targeting a turnover of Rs 900 crore – 35% of this will come from three Wheelers and 65% from two wheelers.”
It is eyeing a market share of 10% in the next 4-5 years, as it looks to expand to ASEAN, Africa and Latin America in this timeframe.
The company claims that with these new products, it now has the widest product portfolio in this segment, with the L3 and L5. This will expand the addressable market from 10% to 100%. The products will be available from 1.2 lakh to Rs 4.5 lakh.
Kinetic Green has recently commissioned an all new plant for electric two and three-wheelers. It has sold more than 1 lakh electric vehicles in India with revenues of over Rs 1200 crore, so far.
“We are announcing our next phase with 3.0. The time for aggressive scale-up and ramp up in our presence. A lot more is on the cards,” said Motwani.
Earlier in August this year, the company raised $25 million from Greater Pacific Capital and another $15 million is around the corner. This fund will be used for investment in R&D, development of the supply chain and in accelerating marketing.
Firodia expects the three wheeler penetration in the country will scale up to 75% by the end of the decade. She says the electric Three-wheeler market is set to grow to Rs 40,000 crore by the end of the decade.
Swapping and fast charge
Kinetic Green also unveiled its extra fast charging solution. The vehicle can charge in 15 minutes to drive a range of 100 kilometres. The company currently has 100 charging stations, and wants to ramp it up to 250 stations this year, before scaling it to up to 1000 locations.
By the end of this decade, Kinetic Green expects to sell about 1.5 lakh 3-wheelers with a turnover of Rs 3,400 crore.
