Qatar/India
Indian electric two-wheeler manufacturer Kabira Mobility has raised $50 million funding from Qatar-based conglomerate Al-Abdulla Group. Kabira Mobility, a Panjim-based EV startup, will be using the fresh funding for its future growth in India. It plans to ramp up production capacity of its electric bikes KM3000, KM4000, introduce new products and enhance sales infrastructure across the country.
The development in EV industry comes soon after when electric vehicle-driven hyperlocal delivery platform Zypp Electric secured $25 million in its Series B round led by Taiwanese EV battery swapping company Gogoro and Bengaluru-based electric bus startup FreshBus raised Rs 26 crore (around $3.1 million) from online travel aggregator Ixigo last month.
Al-Abdulla Group operates in about 55 verticals across the Middle East, Latin America and North Africa. The group has been investing in renewable projects for the past one year. The investment in Kabira Mobility indicates Al-Abdulla Group’s growing interest in EV market.
“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.
“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.
Last month, Kabira Mobility and the Al-Abdulla Group announced that they will use Rs 300 crore to set up a manufacturing facility in Uttar Pradesh’s Jewar to cater to the North India market. The company currently has an installed production capacity of 40,000 units a month at its Dharwad-based plant in Karnataka, and the corpus will be used to scale its manufacturing capacity at Karnataka plant.
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