Kinetic Green Secures $25 Million in Series A Round

Electric vehicle manufacturer Kinetic Green has raised $25 million from Greater Pacific Capital as part of its Series A fundraising. The funds will be used to expand production, market current products, and support research and development. This marks Kinetic Green's first external equity investment.

Electric vehicle maker Kinetic Green announced on Monday that it has successfully raised USD 25 million (approximately Rs 209 crore) from private equity firm Greater Pacific Capital.

The capital has been secured as part of a targeted Series A fundraising round, with a goal of raising up to USD 40 million. The Pune-based company plans to use the funds for scaling up production at its Supa (Maharashtra) manufacturing facility, as well as marketing and distribution of its current products, including the newly-launched E-Luna. Additionally, the funds will support research and development of new products, the company said in a statement.

This marks the first external equity fundraise for Kinetic Green, occurring at a pivotal moment for the Indian EV market. With electric vehicle penetration in India currently at approximately 6%, electric two-wheelers and three-wheelers are leading the growth. The company expects rapid growth in EV sales in India, targeting a 30% EV penetration by 2030, driven by favorable government policies.

(With inputs from agencies.)