Kinetic Green has raised $25 million from Greater Pacific Capital (GPC) in its first external equity funding round, part of a broader Series A target of up to $40 million. GPC’s investment includes a mix of common equity shares, convertible preference shares, and debentures.
As a result of this investment, Nandan Desai, Managing Director and Co-Head of India at GPC, will join Kinetic Green’s Board of Directors. The company is also in discussions with additional investors to secure the remaining $15 million, with plans to complete the funding round in 2024.
This fundraising comes as India’s electric vehicle (EV) market experiences significant growth, with EV penetration reaching approximately 6%. Electric two-wheelers and three-wheelers are leading this adoption and are expected to continue driving the sector’s expansion.
By 2030, India aims for 30% EV penetration, supported by favorable government policies. Kinetic Green, an established EV manufacturer with a robust portfolio in both segments, is well-positioned to capitalize on this growth and plans to rapidly expand in the coming years.
The company is working to expand its dealership network and aims to sell over 100,000 EVs in the next year. The newly secured funds will be used to scale up production at its manufacturing facility in Supa, Maharashtra, as well as for marketing, distribution, and research and development of new products, including the recently launched E-Luna.
In addition to its focus on the Indian market, Kinetic Green is also planning to expand globally, particularly through the launch of its premium golf cart range, which is developed in partnership with the Lamborghini family of Italy.
Vantage Capital Advisors, Rajani Associates, and Trilegal advised on the transaction. GPC is a prominent global private equity firm, dedicated to achieving significant developmental impact alongside strong financial returns, with a focus on measurable contributions to the UN’s Sustainable Development Goals.
Established in 2005, GPC has invested and mobilized over US$1 billion in high-growth companies across key sectors of the Indian economy, such as financial services, technology, education, and healthcare. Among its recent investments are Enzen Global Solutions Pvt. Ltd., a top global provider of energy efficiency solutions for utilities; Muthoot Microfin Ltd., one of India’s largest microfinance institutions; and NxtWave Disruptive Technologies Ltd., a fast-growing platform focused on training and skilling for technology careers.
Kinetic Green, a venture by the Kinetic and Firodia Group, has become a leading force in India’s electric vehicle industry, offering a broad range of EVs including electric three-wheelers for both cargo and passenger needs, as well as newly launched electric two-wheelers under the Kinetic Green brand. The company has also partnered with Tonino Lamborghini of Italy, a renowned luxury brand, to produce electric golf carts and buggies.
Led by Ms Sulajja Firodia Motwani, a third-generation leader of the Firodia family, Kinetic Green has successfully designed, manufactured, and sold over 100,000 electric vehicles, with total sales reaching around ₹1000 Crores. Kinetic Green is committed to providing green mobility solutions to the masses, and has been a pioneer in several areas, including developing the first ARAI-approved electric three-wheelers and introducing Lithium-ion battery technology in electric three-wheelers in India.
