Panjim-based Kabira Mobility Raises $50 Million Funding
Kabira Mobility, a Panjim-based electric two-wheeler maker, has secured $50 million (around Rs 412 crore) in funding from Qatar-based Al-Abdulla Group.
As per the startup, the raised funds will be used to utilise the capital to fund its future growth in the country. The startup plans on increasing the production capacity of its electric bikes KM3000 and KM4000, launching new products, and improving sales infrastructure across the country.
Kabira Mobility | Electric Two-wheeler Maker
Kabira Mobility is a Panjim-based electric 2-Wheeler startup that provides a smart, connected and affordable mobility experience. The startup will launch pro trims of KM3000 and KM4000 electric bikes and also introduce KM 5000, an electric cruiser later this year.
Speaking about the development, Jaibir Siwach, CEO of Kabira Mobility, said,
“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.”
Kabira Mobility is focusing primarily on the electric bike segment and is looking to garner a 30 per cent market share in the vertical over the next two years. Currently, Kabira Mobility has a production capacity of 40,000 units per month at its plant in Dharwad, Karnataka. The startup stated that the production capacity of the Dharwad plant could be enhanced to 60,000 units a month.
The Panjim-based electric two-wheeler maker aims to add around 70 dealerships this year to take the total number of outlets to over 100 mark.
Manoj George, Al-Abdulla Group CEO, stated that India holds immense potential, and the country is expected to become the global manufacturing hub for the electric two-wheeler segment.
Commenting on the development, Manoj said,
“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.”
This year has been going well in terms of funding for electric vehicle startups. Last month, Turno, a commercial electric vehicle startup, raised $13.8 million (around Rs 112 crore) in Series A funding.
Earlier in January, Entuple E-Mobility, an electric powertrain and turbocharger product startup, raised $3 million in a pre-series A round, Bengaluru-based EV charging aggregation platform ElectricPe closed a pre-Series A funding round of $5 million, and Swytchd, an EV services subscription platform, has raised $553,000 in a seed funding round.
Follow us and connect with us on Instagram, Facebook, Twitter, and LinkedIn.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.