Kinetic, a company located in Pune, plans to raise between $100 and $150 million for its electric car business. According to sources in the automotive industry, the company is reportedly in discussions with leading private equity investors for the money round.
The funds obtained will be used to purchase new goods and increase electric two- and three-wheeler production capacity. The business revealed its intentions for a second EV factory at Supa, close to Pune. One million electric two- and three-wheelers can be produced yearly at the new plant. The renowned and best-selling two-wheeler Luna will be available in an electric form, according to plans revealed by Kinetic.
However, sources claimed that the current capital raise is only for phase I and that the corporation may eventually raise additional funds for product spending and further capacity expansion. The main chassis, main stand, side stand, and swing arm have all been created by Kinetic Engineering Ltd, a sister company of Kinetic Green Energy & Power Solutions, which will launch the eLuna. It has established a particular production line with a starting monthly capacity of 5000 sets.
A brand-new line of more than 30 pieces of welding equipment will be set up in a separate shop within the factory to do the welding for these critical and diverse elements. In its plant in Ahmednagar, all the assemblies will be finished and properly painted.
Kinetic Green revealed last year that it intended to invest 400 crores over the following four to five years in its line of electric two-wheelers, three-wheelers, and golf carts. The business declared that it would create and develop new goods using the platforms of its Chinese EV partner, Aima.