Kabira Mobility is an EV startup that sells KM3000 as well as KM4000 electric bikes. It announced that it had secured a $50 million investment from the Al-Abdulla Group of Qatar, at an undisclosed value. The Goa-based company said that the funds raised would be used to improve its existing facility and set up a greenfield facility in Uttar Pradesh. However, the companies did not reveal the details of the deal.
The company plans to increase its production capacity, introduce new products, and improve its sales infrastructure throughout the country. At its Dharwad facility, the company has a monthly production capacity of 40,000 units.
Kabira Mobility CEO Jaibir Siwach stated that “electric bikes will be the engine for industry growth and with this investment, he is poised to lead. We want to capture nearly 30% of the electric bike market and become an industry leader within the next 2-years. He also stated that the Karnataka facility could produce 60,000 units per month.”
Both partners will spend Rs 300 crore on the establishment of a manufacturing plant in Uttar Pradesh’s Jewar for the North Indian market. The remainder will go towards improving its manufacturing capabilities at the Dharwad plant, Karnataka.
He said that he was also interested in setting up a new manufacturing plant around Jewar, Uttar Pradesh, with an installed capacity of 1.25 lakh units per month. He stated that the company would seek another round of funding by the end.
Kabira Mobility announced that the new manufacturing facility, which will produce 120,000 units per month, will span 50 acres. It will include eight assembly lines, an automated battery pack assembly line, a testing line, and an inventory management system. The robotic chassis welding line will also be available. Siwach said that the new facility will create direct and indirect employment opportunities for about 7,000 people.
Al-Abdulla Group CEO, Manoj George stated that India has immense potential and is poised for becoming the manufacturing hub of the global E2W market. Al-Abdulla’s vision to invest in renewable energy and support sustainable mobility solutions worldwide is reflected in our investment in Kabira Mobility.
Kabira Mobility plans to achieve a long-term production capacity of 14.4 lakh units in its North Indian plant, and 4.8 lakh units in its South Indian plant. The company plans to increase its store network by 30 to 100 outlets before the end of this year.