Panjim-based electric two-wheeler maker Kabira Mobility has raised $50 million in funding from Qatar-based conglomerate Al-Abdulla Group. Al-Abdulla Group operates in about 55 verticals across the Middle East, Latin America and North Africa.
The startup said it will be using the raised capital to increase its growth in the country. In addition to this, It plans to ramp up the production capacity of its electric bikes KM3000 and KM4000, introduce new products and enhance sales infrastructure.
Notably, Kabira Mobility aims to garner a 30% market share in the electric two-wheeler segment over the next two years.
"India holds immense potential and is poised to become the manufacturing hub for the global E2W market. 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,” said Manoj George, chief executive officer (CEO) of Al-Abdulla Group.
“Our relentless focus on research and development for the past five years on powertrain and technology development has paved the way for Kabira Mobility and will enable us to capture almost 30% of the electric bike segment and emerge as an industry leader in the next two years,” said Jaibir Siwach, CEO of Kabira Mobility.
The company currently has an installed production capacity of 40,000 units a month at its Dharwad-based plant in Karnataka. The funds will also be utilized to expand the manufacturing capacity of the plant in Karnataka, the company said.
To cater to the North Indian market, Kabira and the Al-Abdulla Group said that they will use Rs 300 crore to set up a manufacturing facility in Jewar, Uttar Pradesh.