Electric vehicle maker Kinetic Green said it is working on a family e-scooter, which is expected to hit the market in the next one-and-a-half years even as it ruled out entering the fast-expanding electric motorcycle segment.
Kinetic Green early last month secured $25 million investment from private equity firm Greater Pacific Capital (GPC) as part of a larger $40 million Series A round
Electric vehicle maker Kinetic Green said it is working on a family e-scooter, which is expected to hit the market in the next one-and-a-half years even as it ruled out entering the fast-expanding electric motorcycle segment.
At a media roundtable here, Kinetic Green Founder and CEO Sulajja Firodia Motwani also said that the company is targeting a topline of Rs 10,000 crore by 2030, and 60 percent of this revenue will come from the two-wheeler business.
She also outlined the company's vision 3.0 for the next phase of growth, which, according to her, is aimed at capturing scale.
"We are working on a family e-scooter, which will be launched in about 18 months from now. The e-scooter would be in the urban format," she said.
Stating that the company's two-wheeler portfolio will comprise both scooters and e-lunas, apart from the three-wheelers, she said, "We are not looking at motorcycles, as somehow people don't like motorcycles Kinetic. They think Kinetic is more about scooters and the Luna brand."
She said that the company is looking at tapping both the two-wheeler and three-wheeler segments. She said, "If I look at the Rs 10,000 crore ambition (by 2030), which we have laid out, we are saying that Rs 3,500 crore will be from three-wheel business and Rs 3,500 crore will be from two-wheeler (business), which is a much larger market. So by no means, we are saying we are refocusing.
She said with vision 3.0, which outlines a clear roadmap for the company going ahead, "We have found a place in every segment—EV journey, light mobility. We know what we are doing. Now when we have the first investor on board, we have to do much better."
Kinetic Green early last month secured $25 million investment from private equity firm Greater Pacific Capital (GPC) as part of a larger $40 million Series A round. The funds will be used to accelerate the growth of the company's electric two- and three-wheeler business.
The investment will be used to scale production at Kinetic Green's manufacturing facility in Supa, Maharashtra, and to enhance marketing, distribution, and R&D efforts, among others. Moreover, the company plans to expand globally, particularly through the launch of its premium golf cart range, developed in collaboration with the Lamborghini family of Italy.
Sulajja said she was expecting the remaining $15 million fund infusion in the company by December this year.
She said that Kinetic Green is also looking to launch a new L5 category passenger three-wheeler by the fourth quarter of this fiscal, which would address the range anxiety issues for long driving.
Besides, Kinetic Energy also displayed its new ultra-fast charging solution for cargo e-three-wheelers, particularly for those operating for 16 hours on the road.