Kinetic Green, Kinetic Group’s electric vehicle division, is nearing completion of a $30 million (Rs 250 crore) fundraising to fuel its expansion. CEO Sulajja Firodia Motwani expects the process to conclude in the next quarter. The firm, having earned Rs 300 crore in 2023 from modest electric two and three-wheeler sales, aims for Rs 1000 crore turnover by FY25.
Motwani highlighted Kinetic Green’s development of electric two-wheelers, three-wheelers, and golf carts. However, to scale up, additional funding is required. She announced the launch of the Zulu scooter and upcoming releases like the E-Luna and a high-performance scooter for 2024, aiming to enrich their zero-emission scooter range.
Despite considering a partnership with AIMA, China’s leading electric two-wheeler manufacturer, Kinetic Green chose to proceed independently due to COVID-related challenges. The company has since developed diverse platforms to cater to broader markets, with the E-Luna targeting personal and gig economy users.
Kinetic Green plans to offer variants with 1.5 KW to 3 KW batteries, covering different speed ranges. With these models, the company targets Rs 1000 crore turnover by FY25 and aims to sell 1 million EVs in five years, crossing the Rs 10,000 crore mark.
Motwani asserts that, unlike some startups, Kinetic Green has maintained positive EBIDTA, with only minor drops due to investments. To support its growth, the company has focused on recruiting talent across its two-wheeler, three-wheeler, and golf cart divisions.
Emphasizing Make in India, Kinetic Green has strong backward integration, sourcing key parts like motors and chassis aggregates from group companies for models like Zulu and E-Luna. The company is also considering in-house battery production.
To reach a wider customer base, Kinetic Green has established a network of 500 dealers, split between two-wheelers and three-wheelers. So far, the company has sold about 50,000 electric two-wheelers and a total of 1 lakh EVs, generating over Rs 1000 crore in revenue since its inception.