Electric vehicle (EV) manufacturer Kinetic Green secured an investment of Rs 2.09 billion from private equity firm Greater Pacific Capital (GPC), as part of a Series A fundraising round aimed at raising up to $40 million.

The company intends to use the funds to scale up production at its manufacturing facility in Supa, Maharashtra, and to market and distribute its existing products, including the newly launched ELuna. Additionally, the investment will support research and development of new products.

Sulajja Firodia Motwani, Founder and CEO of Kinetic Green, stated that the partnership with Greater Pacific Capital represents a significant milestone for the company. She highlighted that Kinetic Green?s mission has been to lead the transition to sustainable mobility and make electric vehicles more accessible. She noted that this investment would help enhance the company?s capabilities, advance zero-emission transportation, and significantly contribute to India?s energy transition goals.

Kinetic Green offers a broad range of EVs, including electric three-wheelers, cargo vehicles, and passenger vehicles. The company has recently launched electric two-wheelers under the Kinetic Green brand and has sold over 100,000 EVs to date.

Ketan Patel, founder and CEO of GPC, pointed out the importance of India?s energy transition for the global Net Zero objectives. He mentioned that with India poised to become the third-largest economy in the next 4-5 years and its middle class rapidly expanding, the electrification of transportation would be a crucial part of this transition. Patel emphasized that Kinetic Green and products like the ELuna are well-positioned to offer innovative and desirable electric vehicles to India?s large, young, and growing population.

Previously, Kinetic Green had partnered with energy solutions provider Exicom to acquire advanced lithium-ion batteries for its e-rickshaws.