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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
