New Delhi: Kinetic Green announced on Monday that it has secured $25 million (approximately Rs 209 crore) from private equity company Greater Pacific Capital. The company announced that it has obtained the funding as part of a focused Series A fundraising effort with the goal of raising as much as USD 40 million.
The company based in Pune intends to use the funds for increasing production at its Supa facility, promoting and distributing existing products like E-Luna, and for developing new products through research and development, as mentioned in a statement. This marks Kinetic Green's initial external equity fundraising, taking place during a pivotal moment in the Indian EV market.
In India, about 6 percent of vehicles are now electric, with electric two-wheelers and three-wheelers leading the way and fueling the sector's growth. India is projected to see a significant increase in electric vehicle sales, aiming for 30 pc EV penetration by 2030, thanks to government policies promoting the use of electric two-wheelers and three-wheelers, according to the company. In January of this year, Kinetic Green released their main product, E-Luna.
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