Kinetic Green has secured its initial external equity investment from Greater Pacific Capital.
Kinetic Green has raised USD 25 million from Greater Pacific Capital as part of its initial Series A fundraising effort, which aims for a total of USD 40 million. The investment from GPC includes a mix of common equity shares, convertible preference shares, and debentures. Nandan Desai, Managing Director and Co-Head of India for GPC will join the Board of Directors of Kinetic Green. The company is actively seeking an additional USD 15 million in funding, with plans to finalize this during 2024.
This marks Kinetic Green’s first external equity fundraising at a crucial time for the Indian EV market, which is experiencing significant growth. Currently, EV penetration in India stands at about 6%, with electric two-wheelers and three-wheelers leading the surge and driving the sector’s expansion. With government support, EV sales are projected to reach a 30% penetration by 2030. Kinetic Green, known for its solid EV lineup and capabilities in R&D, manufacturing, and distribution, is set to spearhead this shift.
The company is also expanding its dealership network and aims to sell over 100,000 EVs in the next year. Funds from this round will be used to increase production capacity at its Supa, Maharashtra facility, enhance marketing and distribution, particularly for the new E-Luna, and boost product development.
Moreover, Kinetic Green is looking to expand globally, starting with its premium golf cart line, which was developed through an exclusive joint venture with the Lamborghini family in Italy. Advisors to the deal included Vantage Capital Advisors, Rajani Associates, and Trilegal.
