Panjim-based electric vehicle start-up, Kabira Mobility, has announced that it has raised $50 million in a recent funding round. The funding will be used to ramp up production and expand the company’s product line.
Kabira Mobility, founded in 2019, manufactures a range of electric scooters and bikes in India. The company aims to provide affordable and eco-friendly transportation solutions to consumers in the country.
The latest funding round was led by B4 Ventures, with participation from Ratan Tata-backed UC-RNT Fund, among others. This takes the total amount raised by Kabira Mobility to over $75 million.
Jaibir Siwach, the co-founder of Kabira Mobility, stated that the funding will enable the company to expand its reach and scale up production. He added that the company plans to increase its manufacturing capacity to 10,000 units per month by the end of 2021.
Kabira Mobility currently has a presence in over 75 cities across India and aims to expand to 200 cities by the end of 2022. The company’s products include the Kollegio electric scooter and the Intercity Neo electric bike, among others.
“We are also looking to set up a new manufacturing facility around Jewar in Uttar Pradesh with an installed capacity of 1.25 lakh units a month,” said Jaibir.
With the Indian government announcing its plans to phase out non-electric two-wheelers by 2025, the demand for electric vehicles is expected to grow rapidly in the coming years. Kabira Mobility is well-positioned to capitalize on this trend, with its range of affordable and eco-friendly electric scooters and bikes.
This latest funding round is a significant milestone for Kabira Mobility and marks an important step forward in the company’s mission to provide accessible and sustainable mobility solutions to consumers in India.
