Latest News | Kinetic Green Raises USD 25 Mn from Greater Pacific Capital
Get latest articles and stories on Latest News at LatestLY. Electric vehicle maker Kinetic Green on Monday said it has raised USD 25 million (around Rs 209 crore) from private equity firm Greater Pacific Capital.
New Delhi, Aug 12 (PTI) Electric vehicle maker Kinetic Green on Monday said it has raised USD 25 million (around Rs 209 crore) from private equity firm Greater Pacific Capital.
The company said it has secured the capital as part of a targeted Series A fundraising round, aiming to raise up to USD 40 million.
The Pune-based company plans to utilise the funds towards scaling up production at its manufacturing facility in Supa (Maharashtra), marketing and distribution of its current products including the recently-launched E-Luna, and towards research and development of new products, it said in a statement.
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 per cent, 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 per cent EV penetration by 2030, driven by favourable government policies for increased adoption of electric two-wheelers and three-wheelers, the company said.
Kinetic Green launched its flagship product E-Luna in January this year.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)