Kinetic Green Raises US$25 Mn From Greater Pacific Capital

Kinetic Green Raises US$25 Mn From Greater Pacific Capital

Kinetic Green, an Electric Vehicle (EV) manufacturer secured a US$25 million investment from Greater Pacific Capital (GPC), a global private equity firm. This investment is part of an overall targeted Series A fundraising of up to US$40 million.

GPC’s investment in Kinetic Green is through a combination of instruments including common equity shares, convertible preference shares, and debentures. As part of the investment, Nandan Desai, Managing Director and Co-Head of India for GPC, will join Kinetic Green’s Board of Directors. The company is in active discussions with other potential investors to secure an additional US$15 million of funding which it aims to complete during 2024.

Kinetic Green entered the EV OEM (Original Equipment Manufacturer) sector in 2016, led by Sulajja Firodia Motwani, the founder of the Kinetic Group. Kinetic has been a manufacturer in India’s automotive sector over the past 50 years and is a producer of products including the Kinetic Luna and Kinetic Honda. 

Kinetic Green offers products including electric two-wheelers, electric three-wheelers, and golf carts. To date, the company has sold over 100,000 EVs, generating cumulative sales of over Rs. 1000 Crores (Rs. 10 billion). This is the first external equity fundraiser by Kinetic Green.

EV Penetration in India has reached approximately 6%, with electric two-wheelers and three-wheelers seeing the fastest adoption and becoming the primary growth drivers of the sector. Electric vehicle sales in India are expected to grow rapidly with a targeted 30% EV penetration by 2030, driven by favorable Government policies for increased adoption of electric two-wheelers and three-wheelers.

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Kinetic Green is an EV maker with an EV product portfolio, research and development (R&D), manufacturing, and distribution capabilities in both of these segments and aims to grow over the next few years. The company is in the process of expanding its dealership network reach and is aiming to sell over 100,000 EVs over the coming year.

Kinetic Green intends to utilize the funds to scale up production at its manufacturing facility in Supa (Maharashtra), marketing and for the distribution of its current products including the recently launched E-Luna, and towards research and development of new products.

Kinetic Green’s E-Luna was launched in January 2024 in New Delhi. In addition to scaling up its sales of electric two- and three-wheelers in India, Kinetic Green will also focus on global expansion, in particular through the launch of its premium golf cart range which is designed, developed, and manufactured through an exclusive joint venture with the Lamborghini family of Italy.

Kinetic Green’s Founder and CEO Sulajja Firodia Motwani expressed excitement about investment by GPC, “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 Chief Executive Officer (CEO) of GPC, commented, “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.”

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