Kinetic Green, a leading Indian manufacturer of Electric Vehicles (“EV”), announced that it has secured a US$25 million investment from Greater Pacific Capital (“GPC”), a leading global private equity firm, as part of an overall targeted Series A fundraise of up to US$40 million.
Kinetic Green entered in the EV sector in 2016, as a pioneering EV OEM. The company is led by Sulajja Firodia Motwani, a third-generation member of the Firodia family, the founders of the Kinetic Group. Kinetic has been a leading manufacturer and innovator in India’s automotive sector over the past 50 years, and is well known for iconic products including the Kinetic Luna and Kinetic Honda, selling over 10 million vehicles to date. The group is highly regarded for developing and deploying advanced automotive technologies at affordable prices to drive mobility for the masses, with a focus on designing, developing and manufacturing products in India.
Kinetic Green has emerged as a leading player in India’s rapidly-growing EV market, offering a diverse range of products including electric two-wheelers, electric three-wheelers and golf carts. To date, the company has sold over 100,000 EVs, generating cumulative sales over ₹1000 Crores (₹10 billion).
This is the first external equity fundraise by Kinetic Green, and it comes at a time when the Indian EV market is at an inflection point. EV Penetration in India has reached approximately 6%, with electric two-wheelers and three-wheelers seeing the fastest adoption and becoming the primary growth drivers of the sector. Electric vehicle sales in India are expected to grow rapidly with a targeted 30% EV penetration by 2030, driven by favourable Government policies for increased adoption of electric two-wheelers and three-wheelers. Kinetic Green as an established EV maker with a proven EV product portfolio, R&D, manufacturing and distribution capabilities in both of these segments, and is well-poised to lead this transition and aims to grow rapidly over the next few years. The company is in the process of expanding its dealership network reach and is aiming to sell over 100,000 EVs over the coming year.
Kinetic Green’s Founder and CEO Sulajja Firodia Motwani expressed excitement about investment by GPC: “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.”