Kinetic Green raises Rs 168 Cr from Greater Pacific Capital
The EV-maker arm of Kinetic Group will use the funds to expand its business, including payments for working capital requirements and debt repayment.
Kinetic Green, an electric vehicle (EV) manufacturer, raised Rs 168 crore in equity and debt from London-based private equity fund Greater Pacific Capital, a filing from the Ministry of Corporate Affairs showed.
The E-Luna maker raised Rs 67 crore in Series A by allotting 7,04,612 compulsorily convertible preferred shares of the company. Its board passed a special resolution to issue 10,100 non-convertible debentures to raise Rs 101 crore from Greater Pacific Capital.
According to the filing, Kinetic Green will use the proceeds to pay operating expenses, repay debt, invest in capital expenditures, and expand its business.
Greater Pacific Capital will also hold a 4.58% stake in the company post-placement.
According to data website Tracxn, the startup reported a rise in its annual revenue of Rs 302.8 crore for FY23 compared to Rs 202.5 crore in the previous year.
However, the company also reported a loss of Rs 7.2 crore for the period compared to a profit of Rs 700 lakh in the previous year.
According to reports, the company said in 2023 that it is looking to raise $30-40 million to help scale up its business, build a new manufacturing plant, launch new products, and reach one million unit mark over the next five years.
Edited by Suman Singh