Electric vehicle maker Kinetic Green has raised $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 $40 million.
The Pune-based company plans to use 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 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%, 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% 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.
