Panjim-based Kabira Mobility, a startup focused on electric mobility, has raised $50 million in its Series A funding round from Qatar-based Al-Abdulla Group.
The funding will help the startup ramp up production capacity for its existing models, including the KM3000 and KM4000, as well as introduce new products and improve sales infrastructure throughout India. Kabira Mobility currently has two electric bike models and one electric scooter for commercial purposes.
According to Jaibir Siwach, Kabira Mobility’s CEO and co-founder, the startup raised $50 million through equity sale, although the exact details of the transaction were not disclosed. Kabira Mobility has an installed production capacity of 40,000 units at its plant in Dharwad, Karnataka.
The startup is looking to expand its existing installed capacity to 60,000 and set up a new manufacturing facility around Jewar in Uttar Pradesh, which will have an installed capacity of 1.25 lakh units per month.
The CEO also stated that Kabira Mobility plans to go for another funding round by the end of the year. The new manufacturing facility in Uttar Pradesh will require an investment of approximately INR 300 crore.
With the additional funding, Kabira Mobility will be able to strengthen its position in India’s electric mobility market and drive growth in the industry.
Electric mobility has become increasingly popular in India as consumers look for more environmentally friendly options. The government has also been supportive of the industry and has launched several initiatives to promote the adoption of electric vehicles.
With its focus on electric two-wheelers, Kabira Mobility is well-positioned to take advantage of the growth in this sector. The funding from Al-Abdulla Group will provide the startup with the resources it needs to expand its operations and meet the growing demand for its products.