 "Sulajja Firodia Motwani, Founder and CEO of Kinetic Green")
Sulajja Firodia Motwani, Founder and CEO of Kinetic Green
Kinetic Green, an Indian electric vehicle (EV) manufacturer, has secured an investment of $25 million from Greater Pacific Capital (GPC), a global private equity firm. This funding is part of a larger $40 million Series A funding round and represents Kinetic Green’s first external capital raise. The funds will be used to accelerate the growth of Kinetic Green’s electric two- and three-wheeler business.
The investment will be used to increase production at Kinetic Green’s manufacturing facility in Supa, Maharashtra, and enhance marketing, sales and R&D efforts, including promoting the recently launched E-Luna, which will be launched in January 2024. In addition, Kinetic Green plans to expand globally, particularly through the launch of its premium golf cart range, developed in collaboration with Italy’s Lamborghini family.
GPC’s investment includes a mix of common stock, convertible preferred stock and debentures. Nandan Desai, GPC’s managing director and co-head of India, will join Kinetic Green’s board. The company is also in talks with other investors to secure an additional $15 million by the end of 2024.
Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, said: “Partnering with Greater Pacific Capital is a pivotal moment for Kinetic Green. This investment will enable us to expand our capabilities, advance zero-emission transportation and make a significant contribution to India’s energy transition goals.”
Ketan Patel, Founder and CEO of GPC, said: “India’s successful energy transition is critical to helping the world achieve its net zero goals. Kinetic Green, with products like the E-Luna, is well positioned to provide innovative electric vehicles to India’s large, young and growing population. We are excited to help Kinetic Green rapidly grow its business and drive India’s energy transition.”
Electric vehicle penetration in India currently stands at around 6 percent. Rapid adoption of electric two- and three-wheelers is expected to fuel growth. Supported by favorable government policies, the penetration is expected to reach 30 percent by 2030. Kinetic Green aims to lead this transition. The company is expanding its dealer network and aims to sell over 100,000 electric vehicles in the coming year.
Kinetic Green is led by Sulajja Firodia Motwani, a member of the third generation of the Firodia family that founded the Kinetic Group. Known for products like Kinetic Luna and Kinetic Honda, the group has been a player in the Indian automobile industry for over 50 years and has sold more than 10 million vehicles. Kinetic Green offers a range of products including electric two-wheelers, three-wheelers and golf carts. The company has sold over 100,000 electric vehicles to date and has achieved a total revenue of over Rs 1,000 crore.
Kinetic Green’s advisors on the transaction included Vantage Capital Advisors, Rajani Associates and Trilegal.
First published: August 12, 2024 | 4:16 p.m. IS
