Kinetic Green, one of the leading manufacturer of electric two- and three-wheelers has bagged $25 million (INR 2.08 billion) investment from Greater Pacific Capital (GPC), a leading global private equity firm, as part of an overall targeted Series A fundraise of up to $40 million (INR 3.33 billion).

Founded in 2016, Kinetic Green is led by Sulajja Firodia Motwani, a third-generation member of the Firodia family, the founders of the Kinetic Group. Kinetic Green manufactures and sells a diverse range of products including electric two-, three-wheelers and golf carts. Till date, the company has sold over 1,00,000 EVs, generating cumulative sales over INR 10 billion.

This is the also the first external equity fundraise by Kinetic Green, and it comes at a time when the Indian EV market is at an inflection point. The company states that EV penetration in India has reached approximately 6 percent, with electric two-wheelers and three-wheelers seeing the fastest adoption and becoming the primary growth drivers of the sector. Furthermore, it is expected that EV sales in India will grow rapidly with a targeted 30 percent EV penetration by 2030, driven by favourable Government policies for increased adoption of electric two-wheelers and three-wheelers. 

The company is in the process of expanding its dealership network reach and is aiming to sell over 1,00,000 EVs over the coming year.

Kinetic Green aims to utilise the funds towards scaling up production at its manufacturing facility in Supa (Maharashtra), marketing and distribution of its current products including the recently-launched e-Luna, and towards research and development of new products. 

The EV maker launched the E-Luna in January 2024 in New Delhi in the presence of Nitin Gadkari, Union Minister of Road Transport and Highways. Since its launch the company claims, the E-Luna has received a tremendous market response in large and small towns of India, as a personal mobility solution and as a ‘business partner’, well designed for the fast growing e- commerce and home delivery segment.

In addition to scaling up its sales of electric two- and three-wheelers in India, Kinetic Green will also focus on global expansion, in particular through the launch of its premium golf cart range which are designed, developed and manufactured through an exclusive joint venture with the Lamborghini family of Italy.

GPC’s investment in Kinetic Green is through a combination of instruments including common equity shares, convertible preference shares and debentures. As part of the investment, Nandan Desai, Managing Director and Co-Head of India for GPC, will join Kinetic Green’s Board of Directors. The company is in active discussions with other potential investors to secure an additional $15 million (INR 1.25 billion) of funding which it aims to complete during 2024.

Sulajja Firodia Motwani, CEO, Kinetic Green said, “The partnership with Greater Pacific Capital marks a pivotal moment for Kinetic Green. Our mission has always been to lead the transition to sustainable mobility and make electric vehicles accessible to a broader audience. This investment will enable us to enhance our capabilities, drive zero-emission transportation, and contribute significantly to India’s energy transition goals. As India moves towards its 2030 EV targets, Kinetic Green is well-positioned to be a key driver in this transformation.”

Ketan Patel, Founder and CEO, GPC added: “India’s successful energy transition is critical for the world to meet its net zero objectives, and as the country scales into the third largest economy globally in the next 4-5 years, and its middle class rapidly expands, the electrification of transport will be a crucial element of this transition. The Kinetic Group has been at the forefront of innovation in India’s automotive sector for the last 50 years and with Kinetic Green and products such as the e-Luna, is well positioned to provide innovative and aspirational electric vehicles to India’s large, young and growing population. We are excited to partner with Kinetic Green to help them rapidly scale their business across the country and help drive India’s energy transition forward.” 

JSW MG Motor India has announced that its popular electric vehicle offering, the MG Windsor, has clocked a new sales milestone with sales crossing 20,000 units in six months of launch.

This makes it the fastest-selling electric vehicle in India. Launched on 11 September 2024, the company positioned the Windsor as a CUV (crossover utility vehicle) and the most comfortable EV in its segment.

Rakesh Sen, Director Sales & Marketing, JSW MG Motor India, said, “Since its launch, the MG Windsor has delighted car buyers with its exceptional value proposition. Customers have praised its futuristic design, intuitive tech features, spacious cabin, all combined with a sustainable and pocket-friendly driving experience. In addition, with the MG Windsor, we have successfully addressed category barriers and dispelled several myths around EVs in India through our innovative approach. This has enabled newer customers to adapt to the EV lifestyle. These factors have propelled MG Windsor to become the fastest EV model to achieve 20,000 sales milestone in record time.”

The Windsor EV is available at a starting price of INR 999,000 and INR 3.9 per km under the Battery-as-a-Service (BaaS) model. The MG Windsor EV with 38 kWh Li-ion battery pack, delivers 100 KW (136ps) of power and 200Nm of torque with an ARAI-certified range of 323 km.

CUPRA has announced that its latest electrified SUV, the CUPRA Terramar, has achieved a 5-star Euro NCAP safety rating. The sporty SUV secured maximum score and joins the CUPRA Tavascan, CUPRA Born, CUPRA Formentor and CUPRA Leon.

The CUPRA Terramar achieved outstanding scores in all three of the Euro NCAP test areas – Vulnerable Road User (82 percent), Adult Occupant (89 percent) and Child Occupant (87 percent), thanks to its suite of advanced safety system. The CUPRA Terramar received a score of 76 percent in the Safety Assist category, which is the last component of Euro NCAP's evaluation.

To ensure that cars are as safe as possible for all users of the road, especially the most vulnerable, Euro NCAP's test procedures are revised on a regular basis. More stringent requirements will be enforced by Euro NCAP in 2025, including biomechanical values of the occupants, rescue sheets in all EU languages, vehicle immersion tests to guarantee the exit of occupants by ensuring the operation of relevant electrical systems for a specific period of time, new leg impactors in pedestrian protection tests that evaluate the femur and tibia more realistically and new active safety scenarios to enhance and lessen damage to other road users.

Dr Werner Tietz, Executive Vice-President – Research and Development, CUPRA, said, “The CUPRA Terramar’s 5-star Euro NCAP rating is a reflection of the importance we place on safety, not only for the vehicle’s occupants but every road user. CUPRA’s new sporty and electrified SUV embraced the challenge, and thanks to its suite of advanced safety system, was able to join the CUPRA Tavascan, Born, Formentor and Leon with the maximum score possible.”

IKEA Supply, part of Inter IKEA Group, has deployed the first electric heavy-duty truck to run on the public road network in India in collaboration with its carrier BLR Logistiks, as well as other partners.

The truck just finished its 100th trip carrying IKEA goods between the port of Mumbai, the distribution centre (DC) in Pune and the IKEA store in Mumbai. The deployment phase began in October 2024. In addition to lowering transportation-related greenhouse gas emissions, it has produced notable efficiency improvements, such as a turnaround time reduction of two to one day, an annual cost reduction of 16 percent, a yearly reduction of 30 percent in greenhouse gas emissions for the particular route, and an annual reduction in empty runs of about 160,000 kilometres.

In order to expedite container processing and establish new agreements between the land carrier running the route and the ocean service provider delivering the containers to the port, IKEA has shortened procedures with Indian customs. In order to facilitate the rollout, the land carrier has made investments in the necessary charging infrastructure. Transportation-related CO2 emissions account for around five percent of the IKEA value chain's overall carbon footprint. By 2030, IKEA wants to cut the carbon footprint of all its transportation by an average of 70 percent. This accomplishment is also a crucial step toward the goal of using exclusively zero-emission heavy-duty vehicles by 2040.

Claes Lindgren, Acting Category Transport Manager, IKEA Supply Chain Operations, said, "Although the purchase price of electric vehicles is higher than diesel trucks, we have achieved higher efficiency and cost reductions in the long term. This is an important step for IKEA and a strong signal to the transport sector in India. Through a joint effort with our partner, we have optimised the route, ensuring the truck is used more on the road and less during idling in loading and unloading processes.”

Abhishek Goyal, Director at BLR Logistiks, said, “We are happy with what we have achieved for this specific route and look forward to applying this way of working in the future. This deployment in India represents an example of how we create efficiency while reducing greenhouse gas emissions.”

Bengaluru-based electric vehicle company Ola Electric has commenced what could be seen as the next evolution of the automotive purchasing experience. The company has commenced pilot ‘HyperDelivery’ for its range of e-scooters, which will see customers get same-day delivery and registration for their EV.

HyperDelivery is being tested in Bengaluru, which will then be rolled out in a phased manner across India. HyperDelivery is being tested in Bengaluru, which will then be rolled out in a phased manner across India.

“We have significantly cut the processing time of registering the vehicles through AI-led automation and by moving the registration process completely in-house. We are excited to announce #HyperDelivery which has completely transformed the vehicle purchase and delivery experience in the automotive segment. With this we are ensuring a much smoother purchase experience for our customers, eliminating tedious purchase processes and longer delivery timelines,” said the company in a statement.

The EV maker shared that it is leveraging AI to automate the majority of the steps in a registration process, which eliminates the need for additional resources during the typical registration process.