Kabira Mobility - A Promising EV Startup Raises USD 50 million Growth Capital
Kabira Mobility - A Promising EV Startup Raises USD 50 million Growth Capital
Unicorn Growth Partners’ is pleased to announce that under its mentorship and advisory, Kabira Mobility has successfully raised $ 50 Million as Series A investment from Qatar based Al-Abdullah Group. UGP is an exclusive advisor to Kabira Mobility providing strategic advisory, growth consultancy and fundraise
Kabira Mobility, an innovative electric two wheeler vehicle manufacturing Startup “ Kabira Mobility” has received funding commitment of 50 Million USD ( Around Rs. 412 Crore) from one of the leading business conglomerate of Qatar, Al Albdullah Group. Announcement to this effect was made on March 17, 2023 at New Delhi. Mr. jaibir Siwach is the CEO of Kabira Mobility, an industry veteran with proven credentials of successfully managing Classic Group of companies over the last 20 years.
Speaking on the occasion Mr. Jaibir Siwach said, 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.
Kabira Mobility is based out of Goa and has modern 2 wheeler manufacturing setup in Dharwad, Karnataka. Kabira Mobility plans to utilise this fund to propel its growth in India and abroad. Company has ambitious growth plans and is planning to cater to 30% of the India’s 2 wheeler requirements over the next 3 to 5 years’ time.
Kabira Mobility is the only company in India, which has enviable range of high speed electric Motorcyles, Scooters and Delivery vehicles approved by ARAI and available through its dealer network. Company is planning to introduce pro-trim models of its highly acclaimed KM3000 and KM4000 models soon. Company also has plans to introduce KM5000 series with range of over 250 Kms. Company will increase its production capacity from 40,000 to 60,000 units per month at its Dharwad, Karnataka unit
Kabira Mobility has raised this fund against equity sale, however exact deal terms will be disclosed later. Kabira Mobility is planning to invest over Rs. 300 Crores of rupees for setting up another hi-tech manufacturing setup for electric vehicles in Jewar, in Uttar Pradesh with a production capacity of over 1.25 Lakh vehicles per month. An announcement to this effect was made in the recently concluded InvestUP23 event at Lucknow.
Kabira Mobility will go for next round of funding by the end of this year.
The company is focussing on the electric bike segment and is looking to garner 30 percent market share in the vertical over the next 2-3 years. Company is currently planning to add 70 dealers across India in this year and to over 250 by next year.
Speaking on the occasion, Mr. Manoj George, CEO of Al-Abdullah Group, Qatar 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," he added. 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.