Kinetic Green, the electric vehicle (EV) arm of the Kinetic Group, has successfully raised $20 million (approximately Rs 168 crore) in a mix of equity and debt from Greater Pacific Capital. This marks the first investment round for the Pune-based company in 2024.
According to the company’s regulatory filing with the Registrar of Companies (RoC), the Kinetic Green board approved a special resolution to issue 10,100 non-convertible debentures, raising Rs 101 crore from the London-based investment firm. Additionally, the company has secured Rs 67 crore in Series A funding by allocating 704,612 preference shares to the investor.
The capital raised will be utilized for debt repayments, overdue payments, capital expenditures, and sales and marketing initiatives, as detailed in the filings. TheKredible estimates that Kinetic Green’s post-allotment valuation stands at approximately Rs 1,467 crore ($176 million). The new investor, Greater Pacific Capital, will hold a 4.58% stake in the company.
Kinetic Green, headquartered in Pune (Chinchwad), specializes in electric three-wheelers and two-wheelers. The company has also partnered with the luxury brand Tonino Lamborghini to develop electric golf carts and buggies. In February, Sullaja Firodia Motwani, the company’s top executive, announced a Rs 100 crore investment to launch the e-Luna.
The company was reportedly in discussions to raise Rs 200-400 crore and may seek additional capital in this round.
In the calendar year 2022-23, Kinetic Green sold 50,000 EVs. For FY25, the company aims to double its sales to 100,000 units, targeting a revenue of Rs 1,000 crore. Kinetic Green also aims to capture a 12-15% market share in the EV two-wheelers and three-wheelers segments.
