 "Electric two-wheeler maker Kabira Mobility secures $50 million funding")
Electric two-wheeler maker Kabira Mobility on Friday said it has secured USD 50 million (around Rs 412 crore) funding from Qatar-based Al-Abdulla Group.
The Panjim-based company plans to utilise the capital to fund its future growth in the country.
The company plans to ramp up production capacity of its electric bikes KM3000, KM4000, introduce new products and enhance sales infrastructure across the country.
The company currently has an installed production capacity of 40,000 units a month at its Dharwad-based plant in Karnataka.
In an interaction with PTI, Kabira Mobility CEO Jaibir Siwach said the company has raised USD 50 million through equity sale.
The companies, however, did not share the exact details of the deal.
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Siwach said the production capacity of the Dharwad plant could be enhanced to 60,000 units a month.
"We are also looking to set up a new manufacturing facility around Jewar in Uttar Pradesh with an installed capacity of 1.25 lakh units a month," he noted.
The project entails investment to the tune of around Rs 300 crore, Siwach said.
He noted that the company will go in for another round of fund raise by the end of the year.
On product launches, Siwach said the company will launch pro trims of KM3000 and KM4000 electric bikes and also introduce KM 5000, an electric cruiser later this year.
The company is focusing primarily on the electric bike segment and is looking to garner 30 per cent market share in the vertical over the next two years, he said.
The company also aims to add around 70 dealerships this year to take the total number of outlets to over 100 mark.
Al-Abdulla Group CEO Manoj George said India holds immense potential and is expected to become the global manufacturing hub for the electric two-wheeler segment.
"Our investment in Kabira Mobility is aligned with Al-Abdulla group's vision of investing in the renewable energy sector and supporting sustainable mobility solutions on a global scale," he added.
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