Kinetic Green, the electric vehicle manufacturing division of the Kinetic group, has secured a total of Rs 168 crore or $20 million in funding from Greater Pacific Capital, through a combination of equity and debt.
Kinetic Green will utilize these funds to repay outstanding debts, cover overdue expenses, invest in capital investment, and support sales and marketing activities, as stated in the documents.
This is the inaugural financing round for the Pune-based startup in 2024.
Kinetic Green’s board has approved a special resolution to raise Rs 101 crore from Greater Pacific Capital by issuing 10,100 non-convertible debentures.
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Kinetic Green provides electric tricycles and motorcycles. Additionally, it has formed a collaboration with the prestigious company Tonino Lamborghini to produce electric golf carts and buggies. In February, the company’s chief executive, Sullaja Firodia Motwani, announced that the corporation will allocate Rs 100 crore for the introduction of e-Luna.
the company was engaged in negotiations to get funding in the range of Rs 200-400 crore, and it is possible that it will raise further capital in this funding round.
About Kinetic Green
Founded in 2011 by Sulajja Firodia Motwani, Kinetic Green Energy and Power Solutions Ltd, is a part of the $600MN Firodia Group of companies, one of the pioneering groups in India. The Firodia Group has a track record of successful collaborations & joint ventures with various leading manufacturing companies around the World.
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