Kinetic Green Secures USD 20 Mn Funding From Greater Pacific Capital The capital infusion will be directed towards repaying existing debt, settling overdue amounts, and funding capital expenditures, as well as boosting sales and marketing efforts.
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Kinetic Green, the Pune-based electric vehicle (EV) manufacturer, has raised INR 168 crore (USD 20 million) in its maiden investment round of 2024, led by Greater Pacific Capital.
The investment comprises INR 101 crore in the form of 10,100 non-convertible debentures from Greater Pacific Capital and INR 67 crore in Series A funding through the allocation of 704,612 preference shares to the London-based investor, its regulatory filing with the Registrar of Companies (RoC) shows.
This investment values Kinetic Green at approximately INR 1,467 crore (USD 176 million), with Greater Pacific Capital acquiring a 4.58 percent stake.
The capital infusion will be directed towards repaying existing debt, settling overdue amounts, and funding capital expenditures, as well as boosting sales and marketing efforts.
Founded by Arun Firodia and currently spearheaded by third generation scion of the Firodia family, Sulajja Firodia Motwani, Kinetic Green is renowned for its electric three-wheelers and two-wheelers.
The company has also partnered with luxury brand Tonino Lamborghini to produce high-end electric golf carts and buggies.
Kinetic Green's innovative approach includes ergonomically designed battery-operated vehicles (BOVs) that cater to diverse needs, ranging from 2-seater to 14-seater capacities.
