The EV manufacturing arm of Kinetic Group, Kinetic Green has secured Rs 168 crore ($20 million) in its first investment in 2024 in equity and debt from Greater Pacific Capital. The new investor will hold a 4.58% stake in the company.
The Pune-based company’s regulatory filing with the Registrar of Companies (RoC) shows that the company board passed a special resolution to issue 10,100 non-convertible debentures to raise Rs 101 crore and Rs 67 crore in Series A by allocating 7,04,612 preference shares to the London-based investor.
The fresh proceeds will be deployed for repayment of debts, capital expenditure, sales cum marketing, and overdue. Post-allotment, the startup has been valued at Rs 1,467 crore ($176 million).
Kinetic Green offers electric three-wheelers and two-wheelers. Additionally, it partners with luxury brand Tonino Lamborghini for golf carts and buggies production.
In the ongoing round, the company is likely to raise more capital as it was in discussions to raise a total capital in the range of Rs 200-400 crore.
CEO Sullaja Firodia Motwani stated in February that the Pune-based EV company will invest Rs 100 crore to launch the two-wheeler e-Luna.
Kinetic Green claims to have made a sale of 50,000 EVs in the calendar year 2022-23 and to have captured 12-15% market share in EV two-wheelers and three-wheelers sector.
While the company is yet to file its annual statements for FY24, its revenue jumped 50% to Rs 303 crore in FY23 and noted Rs 7 crore in loss as per TheKredible’s reports.
Source: Entrackr
