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Exclusive: e-Luna maker Kinetic Green raises $20 Mn from Greater Pacific Capital

EntrackrEntrackr · 11m ago
Exclusive: e-Luna maker Kinetic Green raises $20 Mn from Greater Pacific Capital
Medial

Kinetic Green, the EV-making arm of Kinetic group, has raised Rs 168 crore or $20 million in equity and debt from Greater Pacific Capital. This is the maiden investment round for the Pune-based company in 2024. The board at Kinetic Green has passed a special resolution to issue 10,100 non-convertible debentures to raise Rs 101 crore from Greater Pacific Capital, its regulatory filing with Registrar of Companies (RoC) shows. At the same time, the firm has also mopped up Rs 67 crore in Series A by allocating 7,04,612 preference shares to the London-based investor. The Pune (Chinchwad)-based company will use these proceeds for the repayments of debt, overdue, capital expenditure, and sales cum marketing, the filings further added. As per TheKredible’s estimates, Kinetic Green has been valued at around Rs 1,467 crore or $176 million post-allotment. Additionally, the new investor will hold 4.58% of the company, the filings added. Kinetic Green offers electric three-wheelers and two-wheelers. It also has a partnership with the luxury brand Tonino Lamborghini for electric golf carts and buggies. Its top executive Sullaja Firodia Motwani said in February that the firm will invest Rs 100 crore to launch e-Luna. The company was reportedly in discussions to raise Rs 200-400 crore, and it may raise more capital in this round. During calendar year 2022-23, Kinetic Green claims to have sold 50,000 EVs. For FY25, the firm aims to sell 100,000 units and garner revenue of Rs 1,000 crore. It also aims to capture 12-15% market share in EV two-wheelers and three-wheelers segments. According to the startup data intelligence platform TheKredible, Kinetic Green’s revenues spiked 50% to Rs 303 crore in FY23 with a mere loss of Rs 7 crore. The company is yet to file its annual results for FY24.

Kinetic Green's losses balloon 11X in FY24, revenue dips 3%

EntrackrEntrackr · 4m ago
Kinetic Green's losses balloon 11X in FY24, revenue dips 3%
Medial

Kinetic Green's losses balloon 11X in FY24, revenue dips 3% Electric vehicle manufacturer Kinetic Green faced significant financial strain in FY24, with losses increasing 11X. Meanwhile, the Greater Pacific Capital-backed company's revenue declined by 3% year-on-year. Kinetic Green’s revenue from operations decreased to Rs 291 crore in FY24 from Rs 301 crore in FY23, its consolidated financial statement from the Registrar of Companies (RoC) shows. Kinetic Green manufactures electric vehicles, including two and three-wheelers such as electric scooters, rickshaws, cycles, and buggies. Collections from the sale of electric vehicles were the sole source of revenue for Kinetic Green for the fiscal year ending March 2024. The cost of procurement remains the largest cost center for Kinetic Green, forming 62% of the overall expenditure. To the tune of scale, this cost dipped by 5.4% to Rs 229 crore in FY24 from Rs 242 crore in FY23. The firm’s advertising cost spiked 8.2X to Rs 58 crore while its employee benefits saw a surge of 52.4% during the previous fiscal. Its finance, transportation, legal, travel, and other overheads increased the total expenditure by 19% to Rs 369 crore in FY24 from Rs 310 crore in FY23. The 8X surge in advertising and a sharp rise in employee benefits led Kinetic Green to widen its losses by 11X to Rs 77 crore in FY24, compared to Rs 7 crore in FY23. Its EBITDA margins stood at -20.55% while the company spent Rs 1.27 to earn a rupee of operating revenue in FY24. By the end of FY24, the Pune-based firm reported current assets worth Rs 169 crore including Rs 2.3 crore of cash and bank balance. Kinetic Green has raised a total of $27 million of funding to date, including a $25 million round from Greater Pacific Capital. According to the startup data intelligence platform TheKredible, Greater Pacific Capital is the largest external stakeholder with 5.6%. Its co-founders Sulajia Firodia Motwani and Ritesh Ramesh Mantri cumulatively hold 91.7% of the company.

Bira 91 closes $50 Mn round from Kirin Holdings and Tiger Pacific

EntrackrEntrackr · 1y ago
Bira 91 closes $50 Mn round from Kirin Holdings and Tiger Pacific
Medial

Craft beer maker Bira 91 has raised $25 million via ECB (External Commercial Borrowing) from its existing investor Kirin Holdings. With this infusion, the firm has mopped up $50 million in the past three months. It raised $25 million from Tiger Pacific Capital in March. The board at Bira has passed a resolution to raise $25 million via ECB (external commercial borrowings) from Kirin Holdings in two tranches of $12.5 million each, its regulatory filing accessed from the Registrar of Companies shows. According to the filings, Bira91 has also given the option to Kirin Holdings to convert that above-raised ECB into Series D CCPS. Tiger Pacific had reportedly acquired 4% stake in Bira 91 and the company was valued at around $600 million pre-money. Entrackr’s sources also added that Bira 91 raised nearly Rs 100 crore ($12 million) via non-convertible debentures in the last four months. Bira 91 has raised around $350 million to date including its $70 million Series D round led by Japanese integrated beverages company Kirin Holdings in November 2022. According to the startup data intelligence platform TheKredible, Peak XV (formerly Sequoia Capital) was the largest external stakeholder of Bira 91 with 24.83% followed by Kirin Holdings which owned 21.25% of the company as of its last equity fundraise. Bira 91 produces a range of beer variants, including Bira White, Gold, Bira Blonde, and Boom Super Strong, among others. The company operates in more than 1,000 towns across 25 countries and brews its beer at six manufacturing units in India. While the company is yet to disclose its last fiscal numbers, Bira 91 achieved a 17% year-on-year growth in its scale during FY23 and its revenue neared Rs 850 crore. It also incurred a loss of Rs 446 crore during the fiscal year ending March 2023.

Plotline Bags $2.6 Mn To Personalise App Experience For Brands

Inc42Inc42 · 1y ago
Plotline Bags $2.6 Mn To Personalise App Experience For Brands
Medial

Enterprise tech startup Plotline has raised $2.6 million in seed funding from Elevation Capital. Plotline helps consumer brands create personalized and dynamic app experiences based on user behavior. The funding will be used to enhance research and development, marketing, and sales functions, as well as expand into markets such as the US, Middle East, Africa, and Asia-Pacific regions. Plotline claims to have served over 50 consumer apps and more than 150 million end users, offering content creation and user experience optimization through analyzing billions of data points. The Indian enterprise tech sector has seen significant growth in recent years, attracting investment and fostering innovation.

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