A Qatar-based conglomerate with a diverse portfolio across several industry verticals, including renewable energy, construction, oil and gas and manufacturing, has infused fresh capital worth USD 50 million in a homegrown electric two-wheeler startup Kabira Mobility.
Last month, Kabira Mobility and the Al-Abdulla Group announced that it will use Rs 300 crore to set up a manufacturing facility in Uttar Pradesh’s Jewar to cater customers based in the North India market. According to the company, the corpus will be used to scale its manufacturing capacity at its Dharwad plant in Karnataka.
The company operates in about 55 verticals across the Middle East, Latin America and North Africa. The group has been investing in renewable projects for the last 12 years.
Kabira Mobility’s 30-store network now sells two electric bikes, the KM3000 and KM4000. By the end of the year, the Karnataka-based company intends to expand its retail network from 30 to 100. It also intends to debut its flagship product, the KM5000, an electric cruiser bike with a stated range of 330 km.
In recent years, India’s electric car industry has seen an increase in venture capital and private equity investments. For example, Simple Energy secured approximately USD 20 million in a bridge deal last month from a combination of new and existing investors.
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