Kabira Mobility raises $50M in funding
- ByStartupStory | March 18, 2023
Kabira Mobility, a manufacturer of electric two-wheelers based in Panjim, has announced that it secured $50 million (approximately Rs 412 crore) in funding from Al-Abdulla Group, based in Qatar.
The funding will be used to support the company’s future growth in India, including increasing production capacity of its electric bikes KM3000 and KM4000, launching new products, and improving sales infrastructure across the country.
Currently, the company has a production capacity of 40,000 units per month at its plant in Dharwad, Karnataka.
According to Kabira Mobility’s CEO Jaibir Siwach, the company has raised $50 million by selling equity, although specific details of the deal were not disclosed.
Siwach stated that “the company could increase the production capacity of its Dharwad plant to 60,000 units per month and is also considering establishing a new manufacturing facility in Uttar Pradesh’s Jewar, with a production capacity of 1.25 lakh units a month”.
Siwach stated that the project would require an investment of approximately Rs 300 crore.
He also mentioned that the company plans to conduct another round of fundraising by the end of this year.
Siwach announced that Kabira Mobility plans to release pro trims for its KM3000 and KM4000 electric bikes, as well as introduce an electric cruiser called the KM 5000 later this year.
The company’s primary focus is on the electric bike segment, and it aims to capture 30% of the market share in this vertical within the next two years.
Kabira Mobility also intends to increase its number of dealerships by around 70 in 2023, bringing the total number of outlets to over 100.
According to Al-Abdulla Group CEO Manoj George, India has enormous potential and is anticipated to emerge as the worldwide manufacturing hub for electric two-wheelers.
He stated that “the company’s investment in Kabira Mobility aligns with Al-Abdulla Group’s objective of investing in the renewable energy sector and promoting sustainable mobility solutions on a global level”.
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