Kinetic Green, the electric vehicle division of the Kinetic group, has secured Rs 168 crore (or $20 million) in equity and debt funding from Greater Pacific Capital. This marks the company's first investment round of 2024.

The upcoming application will feature a range of services, including dining options, ticket purchasing for films and events, sports ticketing, live entertainment, shopping, and staycation arrangements.

This initiative is a component of Zomato's strategy to diversify its offerings beyond its primary food delivery services, as indicated by CEO Deepinder Goyal in a communication to shareholders.

Simultaneously, the firm has raised Rs 67 crore in Series A funding by issuing 7,04,612 preference shares to a London-based investor.

The Pune (Chinchwad)-based company plans to use these funds for debt repayment, overdue payments, capital expenditure, and sales and marketing, according to the filings.

According to estimates from TheKredible, Kinetic Green is valued at approximately Rs 1,467 crore ($176 million) post-allotment. The new investor will hold a 4.58% stake in the company.

Kinetic Green provides electric three-wheelers and two-wheelers and has a partnership with the luxury brand Tonino Lamborghini for electric golf carts and buggies. The company's top executive, Sullaja Firodia Motwani, announced in February that Kinetic Green plans to invest Rs 100 crore to launch the e-Luna.

The company was reportedly aiming to raise between Rs 200-400 crore and might secure additional capital in this round.

In the calendar year 2022-23, Kinetic Green claims to have sold 50,000 electric vehicles (EVs). For FY25, the company targets sales of 100,000 units and revenue of Rs 1,000 crore. It also aims to capture 12-15% of the market share in the EV two-wheeler and three-wheeler segments.

According to TheKredible, a startup data intelligence platform, Kinetic Green’s revenues increased by 50% to Rs.303 crore in FY23, with a small loss of Rs 7 crore. The company has yet to release its annual results for FY24.