Kinetic Green is aiming for a turnover of Rs 900 crore in FY25, driven by rising demand for its electric scooters and three-wheelers. The company launched a new line of electric three-wheelers on Wednesday, designed to capture nearly 100% of India’s growing electric three-wheeler market.
At an event in Pune, Kinetic Green’s Founder and CEO, Sullaja Firodia Motwani, shared with reporters that the company closed FY24 with a turnover of Rs 300 crore. “We expect to almost triple this in the current fiscal year, thanks to strong demand for the E Luna scooter and the newly introduced three-wheelers for the B2C market,” said Motwani. The company is projecting Rs 900 crore in revenue, with 65% from two-wheelers and 35% from three-wheelers.
Kinetic Green is aiming for a 10% market share over the next 4-5 years, with plans to expand into ASEAN, Africa, and Latin America. The new product lineup includes models ranging from Rs 1.2 lakh to Rs 4.5 lakh, covering both L3 and L5 segments. The company claims this expanded portfolio will allow it to address nearly the entire market.
The company has already commissioned a new plant for electric two- and three-wheelers and has sold over 1 lakh electric vehicles in India, generating more than Rs 1,200 crore in revenue. Motwani emphasized the company’s upcoming aggressive growth phase, stating, “We are entering our 3.0 phase with plans for significant scale-up.”
In August, Kinetic Green raised $25 million from Greater Pacific Capital, with another $15 million expected soon. The funds will be invested in R&D, supply chain development, and marketing expansion. Motwani predicts that electric three-wheeler penetration in India will reach 75% by 2030, with the market expected to grow to Rs 40,000 crore by the end of the decade.
The company also introduced a fast-charging solution, with vehicles charging in 15 minutes for a 100-kilometre range. Kinetic Green currently operates 100 charging stations and aims to increase that to 250 by year-end, with a long-term goal of 1,000 locations. By 2030, the company anticipates selling around 1.5 lakh three-wheelers, generating Rs 3,400 crore in revenue.
