Greater Pacific Capital has contributed USD 25 million to Kinetic Green’s first Series A fundraising campaign, which intends to raise USD 40 million in total. A combination of common equity shares, convertible preference shares, and debentures make up GPC’s investment. Kinetic Green’s board of directors will welcome Nandan Desai, Managing Director and Co-Head of India for GPC. With ambitions to complete this by 2024, the company is aggressively pursuing an additional USD 15 million in investment.
This is Kinetic Green’s first external equity funding at a critical juncture for the rapidly expanding Indian a In India, EV penetration is now around 6%, with electric two- and three-wheelers leading the increase and propelling the sector’s growth. By 2030, EV sales are expected to attain a 30% penetration rate with government backing. This change will be led by Kinetic Green, which is renowned for its strong EV lineup and prowess in R&D, production, and distribution.
The company hopes to sell over 100,000 EVs in the upcoming year and is also growing its network of dealerships. The money raised in this round will go toward expanding product development, improving marketing and distribution—especially for the new E-Luna—and boosting production capacity at the company’s Supa, Maharashtra factory.
Additionally, Kinetic Green hopes to grow internationally, beginning with their high-end golf cart brand, which was created via a special joint venture in Italy with the Lamborghini family. Rajani Associates, Trilegal, and Vantage Capital Advisors served as advisors on the transaction.
