Pune-based electric vehicle maker Kinetic Green said it expects a turnover to about ₹800 crore in FY23 as traction for its two-wheelers continues to increase. The electric vehicle arm of the Kinetic Group is targeting sale of 50,000 units of two-wheelers and 10,000 units of three-wheelers in the current financial year, according to its founder, Sullaja Firodia Motwani.

The company has raised ₹150 crore in a pre-series A funding round to meet its expansion and operational needs.

“We have already raised our pre-A Series fund, which has been deployed across our business. All activities are happening in parallel, right from development of new products, setting up of manufacturing capacity and expansion of portfolio. We are on course for a profitable FY23,” said Motwani, who is also the CEO.

With plans of entering the mainstream two-wheeler EV space with AIMA, China’s largest electric two-wheeler maker, Kinetic Green will be commissioning a new plant in early 2023 with a minimum capacity of 300,000 units per annum, or 25,000 units per month. This will quadruple its capacity to close to 400,000 units.

The company will be launching ‘E-Luna‘ in November and scooters based on AIMA’s technology are likely to hit the road next year.

The recent fund infusion has helped Kinetic Green lay a decent foundation, and it plans to invest another ₹400 crore over the next three years. Motwani said the company may opt for another fundraise this calendar year to meet future plans. It has set an internal target of generating a turnover of ₹7,000 crore in five years.

“We want to build our business sustainably. Our goal is to scale up the business without burning cash,” said Motwani. “We are making money and building volumes and business. We will be in the market for another bigger round of fund raise to build our business further.”

The company’s three-wheeler business is also doing well, according to Motwani, with 800-1,000 three-wheelers being sold every month. She said that about ₹300 crore turnover is expected from the three-wheeler business and about ₹500 crore from two-wheelers.

Kinetic Green has 300 exclusive dealers, which will be expanded to 1,000 touch-points in the next two years. The company has partnered with a few multi-brand retailers as well.

Vertically integrating the organisation, Kinetic Green has already partnered with Sharda Motors for sourcing of critical parts, including engines. This will support the company’s bottomline.

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