Kinetic Green raised $20 M debt and equity funding from Greater Pacific Capital

Greater Pacific Capital has contributed Rs 168 crore, or $20 million, in debt and equity to Kinetic Green, the Kinetic group’s EV-making division. This is the Pune-based company’s first investment round for 2024.

According to Kinetic Green’s regulatory filing with the Registrar of Companies (RoC), the board approved a special resolution to issue 10,100 non-convertible debentures in order to raise Rs 101 crore from Greater Pacific Capital.

Concurrently, the company has also cleaned up Rs 67 crore in Series A, giving the investor based in London 7,04,612 preference shares.

According to the filings, the Pune (Chinchwad)-based business will utilize the money for capital expenditures, debt repayment, overdue payments, and sales and marketing.

Kinetic Green’s post-allotment valuation has been estimated by the media to be approximately Rs 1,467 crore, or $176 million. Furthermore, according to the filings, the new investor will own 4.58% of the business.

Kinetic Green provides electric two- and three-wheelers. Additionally, it collaborates with luxury automobile manufacturer Tonino Lamborghini on electric golf carts and buggies. Sullaja Firodia Motwani, the company’s top executive, stated in February that the company will invest Rs 100 crore to introduce e-Luna.

According to reports, the company was in talks to raise between Rs 200 and Rs 400 crore, and this round may see it raise more money.

According to Kinetic Green, 50,000 EVs were sold in 2022–2023. The company wants to sell 100,000 units and make Rs 1,000 crore in revenue by FY25. Additionally, it wants to take up 12–15% of the market for EV two- and three-wheelers.

Media claims that Kinetic Green’s revenues increased by 50% to Rs 303 crore in FY23 despite only suffering a Rs 7 crore loss. The business has not yet submitted its FY24 annual results.