In order to fuel its growth, Kinetic Green Energy and Power Solutions Ltd has appointed consultants to raise up to $40 million in private equity funding by December.
The Pune-based company will use the fresh capital to expand its product portfolio, develop new products along with suppliers, enter niche segments and ramp up capacity at its Ahmednagar plant.
Sulajja Firodia Motwani, Founder and Chief Executive, Kinetic Green Energy and Power Solutions, said, “We are in the market for series one funding. We are looking to raise about $30-40 million as we want to capitalize on our first-mover advantage (in the electric vehicles segment). We think that customers are willing to listen.”
“We feel we have bootstrapped for a while now. We are piloting with several business-to-business clients and have bagged big orders from state governments. The time has come to scale up aggressively. We have basics (for a potential EV player) in places such as completely indigenized products, technology access, parts localization and government intent,” she further stated.
Kinetic Green posted revenue at Rs 61 crore in FY19. The company is expecting a revenue of about Rs 300 crore by the end of FY20. It further looks to manufacture about 15,000 electric three-wheelers in FY20.
