Kinetic Green, the electric vehicle (EV) division of the Kinetic Group, has secured ₹168 crore (approximately $20 million) in equity and debt from Greater Pacific Capital. This marks the company’s first investment round of 2024.
The board of Kinetic Green has authorized the issuance of 10,100 non-convertible debentures to raise ₹101 crore from Greater Pacific Capital, according to their filing with the Registrar of Companies (RoC). Concurrently, the company has raised ₹67 crore in Series A funding by issuing 7,04,612 preference shares to the London-based investor.
The funds will be allocated towards debt repayment, overdue payments, capital expenditure, and marketing activities. Kinetic Green’s post-investment valuation stands at approximately ₹1,467 crore (about $176 million). The new investor is expected to hold a 4.58% stake in the company.
Kinetic Green specializes in electric three-wheelers and two-wheelers and has a collaboration with the luxury brand Tonino Lamborghini for electric golf carts and buggies. In February, Sulaja Firodia Motwani, the company’s top executive, announced an investment of ₹100 crore to launch the e-Luna model.
The company was also exploring options to raise an additional ₹200-400 crore and may secure further funding in this round.
In the fiscal year 2022-23, Kinetic Green reported sales of 50,000 EVs. For FY25, the company targets sales of 100,000 units and aims to achieve revenue of ₹1,000 crore. It also seeks to capture a 12-15% market share in the EV two-wheeler and three-wheeler segments.
