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Kinetic Green, a leading manufacturer of Electric Vehicles (EVs), has secured a USD 25 million investment from Greater Pacific Capital (GPC), a global private equity firm, as part of an overall targeted Series A fundraise of up to USD 40 million. The funds will be used to scale up production at its Supa (Maharashtra) facility, market and distribute its current products such as the E-Luna, and support research and development for new products.
Kinetic Green’s flagship product, the E-Luna, was launched in January 2024 in New Delhi at an event attended by Nitin Gadkari, Union Minister of Road Transport and Highways. Since its introduction, the E-Luna has received significant market interest in various towns across India, serving both as a personal mobility solution and a practical “business partner” for the e-commerce and home delivery sectors.
In addition to expanding the sales of its electric two- and three-wheelers in India, Kinetic Green aims to focus on global expansion. This will be facilitated through the launch of a premium golf cart range, developed in an exclusive joint venture with the Lamborghini family of Italy.
GPC’s investment includes a mix of common equity shares, convertible preference shares, and debentures. As part of this investment, Nandan Desai, Managing Director and Co-Head of India for GPC, will join Kinetic Green’s Board of Directors. The company is in talks with other potential investors to secure an additional USD 15 million, aiming to complete the funding during 2024.
Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, said in a statement: “The partnership with Greater Pacific Capital marks a pivotal moment for Kinetic Green. Our mission has always been to lead the transition to sustainable mobility and make electric vehicles accessible to a broader audience. This investment will enable us to enhance our capabilities, drive zero-emission transportation, and contribute significantly to India’s energy transition goals. As India moves towards its 2030 EV targets, Kinetic Green is well-positioned to be a key driver in this transformation.”
Ketan Patel, founder and CEO of GPC, also commented: “India’s successful energy transition is critical for the World to meet its Net Zero objectives, and as the country scales into the third largest economy globally in the next 4-5 years, and its middle class rapidly expands, the electrification of transport will be a crucial element of this transition. The Kinetic Group has been at the forefront of innovation in India’s automotive sector for the last 50 years and with Kinetic Green and products such as the E-Luna, is well positioned to provide innovative and aspirational electric vehicles to India’s large, young and growing population. We are excited to partner with Kinetic Green to help them rapidly scale their business across the country and help drive India’s energy transition forward.”
Entering the EV sector in 2016, Kinetic Green is led by Sulajja Firodia Motwani, a third-generation member of the Firodia family, the founders of the Kinetic Group. The group has been a leading innovator in India’s automotive sector for the last 50 years and is known for iconic products including the Kinetic Luna and Kinetic Honda, having sold over 10 million vehicles to date. Kinetic has a reputation for developing and deploying advanced automotive technologies at affordable prices to drive mass mobility, focusing on designing, developing, and manufacturing products in India.
Kinetic Green has established itself as a significant player in India’s growing EV market, offering a range of products such as electric two-wheelers, electric three-wheelers, and golf carts. To date, the company has sold over 100,000 EVs, generating cumulative sales exceeding INR 1,000 crores (INR 10 billion).
This USD 25 million investment is Kinetic Green’s first external equity fundraise, arriving at a pivotal time for the Indian EV market, which has reached approximately 6% penetration. Electric two- and three-wheelers are seeing the fastest adoption rates and are key growth drivers for the sector. With the Indian government’s favorable policies, EV sales are expected to grow rapidly, targeting 30% penetration by 2030. Kinetic Green, with its well-established EV product portfolio, proven R&D, manufacturing, and distribution capabilities, aims to capitalize on this market shift and grow significantly over the coming years. The company is also expanding its dealership network to achieve over 100,000 EV sales in the next year.
Transaction advisors for the deal include Vantage Capital Advisors, Rajani Associates, and Trilegal.
