Kinetic Green Secures $25 Million Investment

Key Highlights:

• Kinetic Green has secured $25 million from Greater Pacific Capital as part of a planned $40 million Series A round.
• The investment includes common equity, convertible preference shares, and debentures.
• Nandan Desai of GPC will join Kinetic Green’s Board of Directors.
• The company aims to raise an additional $15 million in 2024 and expand its EV dealership network to sell over 100,000 vehicles.
• Kinetic Green plans to use the funds for scaling production, marketing, R&D, and global expansion.

Kinetic Green has secured USD 25 million from Greater Pacific Capital as part of an overall Series A funding round of up to USD 40 million. GPC invested in Kinetic Green using a variety of instruments, including common equity shares, convertible preference shares, and debentures.

As part of the investment, Nandan Desai, Managing Director and Co-Head of GPC India, will join Kinetic Green's Board of Directors. The company is in ongoing conversations with other potential investors to raise an additional USD 15 million in funding, which it hopes to complete by 2024.

This is Kinetic Green's first external equity fundraise, and it comes at a time when the Indian EV market is at a tipping point, with EV penetration in India reaching around 6%, with electric two wheeler and electric three-wheelers seeing the fastest adoption and becoming the sector's primary growth drivers. 

Electric vehicle sales in India are expected to increase rapidly, with a target of 30% EV penetration by 2030, owing to favorable government policies promoting the adoption of electric two- and three-wheelers.

Kinetic Green is an established EV manufacturer with a proven EV product portfolio, R&D, manufacturing, and distribution capabilities in both of these areas. It is well-positioned to lead this shift and plans to expand fast in the next years.

The company is expanding its dealership network and expects to sell over 100,000 EVs in the upcoming year.

Kinetic Green wants to use the cash to increase production at its manufacturing site in Supa (Maharashtra), sell and distribute its current goods, notably the recently introduced E-Luna, and conduct research and development on future products.

Focus on Expansion

In addition to increasing its sales of electric two- and three-wheelers in India, Kinetic Green plans to expand globally, particularly through the launch of its premium golf cart range, which is designed, developed, and manufactured in an exclusive joint venture with the Lamborghini family of Italy.

Advisors to the acquisition were Vantage Capital Advisors, Rajani Associates, and Trilegal.

Also Read: Kinetic Green Welcomes Debashis Mitra to Lead the 3-Wheeler Business

CMV360 Says

Kinetic Green's new funding is a great step forward for electric vehicles in India. This investment shows growing confidence in the EV market. As Kinetic Green expands its production and explores new opportunities, it’s exciting to see how their innovations will impact the industry and promote more sustainable transportation.