Kinetic Green, a leading electric vehicle (EV) manufacturer, announced on Monday that it has raised $25 million (approximately ₹209 crore) in a Series A funding round from private equity firm Greater Pacific Capital. This investment marks the first external equity fundraise for the Pune-based company and is part of a larger plan to raise up to $40 million.
The capital infusion will be utilized to scale up production at Kinetic Green’s manufacturing facility in Supa, Maharashtra, enhance marketing and distribution efforts for its current product line, including the newly launched E-Luna, and support research and development of new products.
“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,” the company stated.
Kinetic Green’s flagship product, the E-Luna, was launched in January 2024 and has received significant attention in the market. The company aims to strengthen its position in the rapidly growing Indian EV sector, which has seen electric two-wheelers and three-wheelers as the fastest adopters and primary growth drivers.
The Indian EV market is currently witnessing a surge in demand, with EV penetration reaching approximately 6%. According to the company, “Electric vehicle sales in India are expected to grow rapidly with a targeted 30 per cent EV penetration by 2030, driven by favourable government policies for increased adoption of electric two-wheelers and three-wheelers.”