Kinetic Green announced that it has secured a $25 million investment from Greater Pacific Capital (“GPC”), a leading global private equity firm, as part of an overall targeted Series A fundraise of up to $40 million. Negating recent chatter about a funding winter in the EV space, Kinetic Green is confident about raising the balance $15 million soon before the end of 2024. The company aims to use this amount to expand its EV portfolio as well as strengthen assembly lines and supply chain.
Speaking exclusively to Financial Express.com, Kinetic Green’s Founder and CEO Sulajja Firodia Motwani shared that the company will be looking to aggressively enhance its EV portfolio both in the two- and three-wheeler segments. The company is planning to launch a new scooter in 18 months and also a three-wheeler L5 passenger carrier this ear. Kinetic Green intends to utilize the funds towards scaling up production at its manufacturing facility in Supa (Maharashtra), marketing and distribution of its current products including the recently launched E-Luna, and towards research and development of new products.
Kinetic Green also plans to use the fund raised to expand the reach of the Golf Carts designed and manufactured via the exclusive joint venture with the Lamborghini family of Italy.
This is the first external equity fundraise by Kinetic Green. GPC’s investment is through a combination of instruments including common equity shares, convertible preference shares and debentures. Nandan Desai, Managing Director and Co-Head of India for GPC, will join Kinetic Green’s Board of Directors. Speaking on the fund raising, Kinetic Green’s Founder and CEO Sulajja Firodia Motwani said, “This investment will enable us to enhance our capabilities, drive zero-emission transportation, and contribute significantly to India’s energy transition goals. As India moves towards its 2030 EV targets, Kinetic Green is well-positioned to be a key driver in this transformation.”
Ketan Patel, Founder and CEO of GPC, added, “The Kinetic Group has been at the forefront of innovation in India’s automotive sector for the last 50 years and with Kinetic Green and products such as the E-Luna, is well positioned to provide innovative and aspirational electric vehicles to India’s large, young and growing population.”
The advisors to the transaction include Vantage Capital Advisors, Rajani Associates, and Trilegal.
