"Kinetic Green Raises $25 Million Investment from Greater Pacific Capital"

Kinetic Green, an Indian electric vehicle (EV) manufacturer, has secured a $25 million investment from Greater Pacific Capital (GPC), a global private equity firm. This funding is part of a larger $40 million Series A round, marking Kinetic Green’s first external equity raise. The investment is aimed at accelerating the growth of the company’s electric two- and three-wheeler business.

The capital will be utilized to scale production at Kinetic Green's manufacturing facility in Supa, Maharashtra, and to bolster marketing, distribution, and research and development efforts. Key initiatives include the promotion of the newly launched E-Luna, introduced in January 2024, and the expansion into international markets with a premium golf cart range developed in partnership with Italy’s Lamborghini family.

GPC’s investment includes common equity shares, convertible preference shares, and debentures. Nandan Desai, Managing Director and Co-Head of India for GPC, will join Kinetic Green's board of directors. The company is also negotiating with other investors to secure an additional $15 million by the end of 2024.

Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, remarked, “This partnership with Greater Pacific Capital represents a crucial milestone for Kinetic Green. The investment will enhance our capabilities, drive zero-emission transportation, and significantly contribute to India’s energy transition goals.”

Ketan Patel, Founder and CEO of GPC, emphasized, “India’s successful energy transition is vital for achieving global Net Zero targets. With innovative products like the E-Luna, Kinetic Green is well-positioned to cater to India’s large, young, and growing population. We are excited to support Kinetic Green in scaling their business and advancing India’s energy transition.”

The Indian EV market currently has a penetration rate of about 6%. The rapid adoption of electric two- and three-wheelers is expected to drive significant growth, with a target of 30% penetration by 2030, supported by favorable government policies. Kinetic Green aims to lead this transition, expand its dealership network, and target sales of over 100,000 EVs in the coming year.

Founded by Sulajja Firodia Motwani, a third-generation member of the Firodia family, Kinetic Green is part of the Kinetic Group, known for its long-standing presence in India’s automotive sector with over 50 years of experience and more than 10 million vehicles sold. The company offers a range of electric two-wheelers, three-wheelers, and golf carts, having sold over 100,000 EVs and generating cumulative sales exceeding ₹1,000 crore.

Kinetic Green’s advisors for this transaction included Vantage Capital Advisors, Rajani Associates, and Trilegal.

BS