On Wednesday, the company unveiled a new series of three-wheelers built on a completely new platform, designed to meet nearly 100% of the expanding demand in the Indian electric three-wheeler market.
Kinetic Green is setting its sights on achieving a turnover of Rs 900 crore by FY25, driven by the anticipated increase in sales of its recently launched electric scooter and three-wheelers.
The company unveiled a new range of three-wheelers built on an entirely new platform designed to meet the needs of nearly the entire Indian electric three-wheeler market.
At an event in Pune, Sullaja Firodia Motwani, the Founder and CEO of Kinetic Green, shared that the company ended FY24 with a turnover of Rs 300 crore and expects this figure to nearly triple in the current fiscal year. This growth is expected to be fueled by robust demand for the E Luna scooter and the newly introduced three-wheelers targeted at the B2C segment. The projected turnover of Rs 900 crore for FY25 is anticipated to comprise 35% from three-wheelers and 65% from two-wheelers.
The company is also aiming to capture a 10% market share within the next 4-5 years as it plans expansions into the ASEAN, Africa, and Latin America markets during this period.
Kinetic Green claims that with its latest offerings, it now presents the broadest range of products in this segment, including the L3 and L5 models. This expansion is set to increase its addressable market from 10% to a full 100%, with product prices ranging from Rs 1.2 lakh to Rs 4.5 lakh.
The firm has recently inaugurated a new manufacturing facility for its electric two and three-wheeler units. To date, it has sold over 1 lakh electric vehicles in India, accumulating revenues exceeding Rs 1200 crore.
Motwani announced a new phase of aggressive scaling up and expansion, dubbed “3.0”, aiming to significantly boost the company’s market presence.
In fundraising efforts, the company secured $25 million from Greater Pacific Capital earlier in August, with an additional $15 million expected soon. These funds are earmarked for investments in research and development, supply chain enhancements, and intensified marketing efforts.
Firodia projects that by the end of this decade, three-wheeler penetration in India will rise to 75%, with the market for electric three-wheelers expected to reach Rs 40,000 crore.
Furthermore, Kinetic Green has launched an ultra-fast charging solution allowing vehicles to be charged in just 15 minutes for a 100-kilometer range. The company, which currently operates 100 charging stations, plans to increase this number to 250 within the year and eventually up to 1000 locations.
By the decade’s end, Kinetic Green aims to have sold approximately 1.5 lakh three-wheelers, targeting a turnover of Rs 3,400 crore.
