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

EntrackrEntrackr · 1y 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.

IndiGrid raises $4 Mn led by Cactus Venture Partners

EntrackrEntrackr · 6m ago
IndiGrid raises $4 Mn led by Cactus Venture Partners
Medial

IndiGrid raises $4 Mn led by Cactus Venture Partners Electric vehicle (EV) component maker IndiGrid Technology has raised $4 million (about Rs 35.2 crore) as part of a strategic funding round from existing investor Cactus Partners. Electronics systems design and manufacturing startup IndiGrid Technology has raised $4 million (about Rs 35.2 crore) as part of a strategic funding round from existing investor Cactus Partners. The proceeds will be allocated towards expanding production capacity and offerings, enhancing automation, ramping up hiring and broadening presence both in India and other global markets, IndiGrid Technology said in a press release. Co-founded in 2015 by Sameer Narang and Rishab Puri, IndiGrid Technology is a full stack electronics component manufacturer with in-house design and manufacturing capabilities. The electronics system design and manufacturing (ESDM) startup makes battery packs, motor controllers, vehicle control units, components for EV drivetrains, among others. “Having matured in the automotive industry, we have diversified to increase our product portfolio by acting on the evidently growing market traction in the consumer goods sector where we began acquiring some key clients,” said Sameer Narang, co-founder of IndiGrid Technology. The latest round comes more than a year after Cactus Partners led IndiGrid’s $5 million Series A round in June 2024. Since then, the company has diversified into consumer electronics and now also caters to companies like Hella, Rosenberger, Sensetek, Sandhar, IFB, Revolt, among others. IndiGrid reported a revenue of Rs 108.5 crore in the fiscal year 2024-25 (FY25) and it is targeting a top line of Rs 350 crore to Rs 380 crore in FY26. It claims to operate at high single-digit EBITDA margin and projects to clock double-digit EBITDA margin growth in the next couple of years.

Exclusive: EV startup Qucev raises $15 Mn in Series B

EntrackrEntrackr · 3m ago
Exclusive: EV startup Qucev raises $15 Mn in Series B
Medial

Exclusive: EV startup Qucev raises $15 Mn in Series B Qucev has raised Rs 131.25 crore ($15 million) in Series B round led by existing investor Singularity AMC with the participation of Lotus Family Trust, Volrado Venture Partners, Anchorage Capital and others. Electric commercial vehicle startup Qucev has raised Rs 131.25 crore (approximately $15 million) in Series B round led by existing investor Singularity AMC with the participation of Lotus Family Trust, Volrado Venture Partners, Anchorage Capital and others. According to its regulatory filing with the Registrar of Companies (RoC) in September 2025, Qucev’s board issued 4,467,375 Series B compulsorily convertible preference shares at an issue price of Rs 293.8 per share to raise the said amount. Singularity AMC led the tranche with an investment of Rs 25.76 crore (nearly $3 million), followed by Lotus Family Trust, which put in Rs 18.5 crore. Anchorage Capital, Volrado Venture Partners, Param Capital, and S Gupta Family Investments each invested Rs 17.98 crore. The remaining amount was contributed by other investors, including angel investors Lakshay Singhal, Anubhav Gupta and company’s founder Naresh Rawal. According to Entrackr’s analysis, the company is currently valued at around Rs 538 crore or $61 million post-money. Founded in 2022 by Naresh Rawal, Qucev is a next-generation electric commercial vehicle company in partnership with China-based EV manufacturer BYD, designs and manufactures electric tractors, trucks, buses, and three-wheelers, focusing on sustainable and cost-effective mobility. Beyond manufacturing and sales, Qucev also offers financing, charging infrastructure, and fleet solutions. According to startup data intelligence platform TheKredible, Qucev has previously raised around $4 million from Singularity AMC, Barclays and Maa Creations. For the fiscal year ended March 2025, the company did not report any product sales and generated Rs 2.08 crore from the sale of services. During the same period, it recorded a loss of Rs 9.35 crore. Qucev competes with players like Euler Motors, Altigreen, as well as established names such as Mahindra Electric, Piaggio, Kinetic Green, Tata, and others.

Euler Motors raises $24 Mn led by Piramal Alternatives

EntrackrEntrackr · 1y ago
Euler Motors raises $24 Mn led by Piramal Alternatives
Medial

Commercial electric vehicle manufacturer ​​Euler Motors has raised Rs 200 crore ($24 million) more in Series C round led by new investor Piramal Alternatives India Access Fund. Existing investors British International Investment and Blume Ventures also participated in the funding tranche. Euler Motors will utilize the fresh proceeds for pan-India presence and raising servicing infrastructure in 40 cities by March 2025, Euler Motors said in a press release. With this, the Delhi-based company also claimed to raise Rs 570 crore ($68.6 million) in its series C round. The firm had raised Rs 120 crore (approximately $14.5 million) in an extended Series C round co-led by British International Investment and Blume Ventures in November last year. It has raised Rs 770 crore ($92 million) to date. As per startup data intelligence platform TheKredible, Euler was valued at around $160 million during an extended Series C round in November 2023. According to Euler Motors, its commercial electric vehicles collectively transported goods over 45 million kilometers. The company’s flagship model HiLoad EV claims to be the most powerful electric cargo three-wheeler, with a range of 170 kilometers. In FY24, the company claims to have sold 3,700 vehicles and expanded its presence from 5 to 22 cities. On the lines of many startups, Euler also laid off 10% of its employees to cut costs and navigate through a tight funding environment. For the fiscal year ending in March 2023, Euler registered Rs 61.53 crore in revenue from operations against Rs 17.57 crore in FY22. As per TheKredible, its losses spiked nearly 5X to Rs 174.73 crore in FY23 from Rs 36.33 crore in the previous year. The heavy losses could be attributed to investment made by the firm in creating infrastructure and facilities. In the electric three-wheeler space, it competes with Altigreen and legacy players like Mahindra Electric, Piaggio, Kinetic Green, and Tata, among others.

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

EntrackrEntrackr · 1y 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.

Electric motorcycle maker Oben Electric raises $10.2 Mn in pre-Series B round

EntrackrEntrackr · 3m ago
Electric motorcycle maker Oben Electric raises $10.2 Mn in pre-Series B round
Medial

Electric motorcycle maker Oben Electric raises $10.2 Mn in pre-Series B round Bengaluru-based electric motorcycle maker Oben Electric has raised Rs 85 crore (around $10.2 million) in a pre-Series B round from Indian-American family offices including Raj K Soin, Musa Dakri, and Ramesh Bhutada, along with existing investors. Following its initial $6 million Series A in January, Oben Electric had raised an additional Rs 50 crore ($6 million) in an extended Series A round, taking its total Series A funding to Rs 100 crore ($12 million) in June this year. With the current round, Oben Electric’s total funding stands at Rs 285 crore ($34 million). The company said it is also in discussions to raise a Series B round. The proceeds will be used to expand Oben Electric’s retail network, increase brand reach, and support upcoming product launches. The startup plans to scale its footprint to 150 showrooms and service centres by March 2026, and to 500 outlets over the next two years. It currently operates over 85 showrooms across 70 cities in 18 states. Oben Electric is targeting Rs 100 crore in revenue in FY26 and expects to achieve cost-of-goods-sold (COGS) break-even by March 2026. The brand is aiming for EBITDA break-even by 2027 as volumes scale. Founded in 2020, Oben Electric focuses on vertically integrated manufacturing. The company designs and manufactures key EV components in-house, including LFP battery packs, motors, chargers, and vehicle electronics, from its Bengaluru facility, which has an annual capacity of 1 lakh units. Earlier this year, Oben launched the Rorr EZ Sigma, a city-focused electric motorcycle with features such as reverse mode and a connected TFT display. The company has also expanded online sales through platforms like Amazon and Flipkart. The company competes with startups like Tork Motors and established players entering the electric motorcycle space, but differentiates through full vertical integration, over 25 patents, and R&D-led design.

Vidyut raises $10 Mn in Series A led by 3one4 Capital

EntrackrEntrackr · 2y ago
Vidyut raises $10 Mn in Series A led by 3one4 Capital
Medial

EV financing and vehicle lifecycle management platform Vidyut has raised $10 million in its Series A round led by 3one4 Capital. The round also saw participation from new and existing investors including Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital and Udaan CEO Sujeet Kumar. The Series A round is a mix of equity and debt funding. Entrackr had exclusively reported about Vidyut’s new fundraise earlier this month. Previously, it closed its seed round of $4 million in a mix of equity and debt led by Force Ventures and others in December 2022. This funding emphasizes the company’s commitment to improve EV ownership for SMBs and the startup will utilize the new funds to scale its offerings to the EV ecosystem, the startup said in a press release. Vidyut, which offers EV insurance, lifecycle management, and EV resale, is also looking to expand its presence to 40 Indian cities. The company will also double its team size by the end of FY25 as it prepares to build a full stack EV ecosystem. Founded in 2021 by Xitij Kothi and Gaurav Srivastava, the company offers a battery subscription ownership plan powered by proprietary asset-underwriting algorithms. It already offers ownership solutions for Mahindra, Piaggio, Altigreen, Murugappa Group’s Montra Electric, Euler Motors and OSM vehicles. The two-year-old company was in the pre-revenue stage until FY23 and posted an income of Rs 68 lakh with a loss of Rs 3 crore during the last fiscal year. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp, among others. The Indian startup ecosystem has seen an uptick in funding for EV financing focused startups in the past couple of months. In December, Revfin raised $14 million in Series B round while Mufin and OTO raised $17 million and $10 million, respectively, earlier this month.

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