The Al-Abdulla Group of Qatar gave $50 million to Kabira Mobility, an Indian company that makes electric two-wheelers, to help it grow in Qatar in the future. The business in Panjim plans to use the money to increase the number of electric bikes it can make, like the KM3000 and KM4000, launch new products, and improve its sales network all over India. Kabira Mobility can currently make 40,000 units per month at its plant in Dharwad, Karnataka. The CEO of the company, Jaibir Siwach, says that the Dharwad plant could produce 60,000 units per month more than it does now.
Also, Kabira Mobility plans to put about INR 300 crore into a new factory in the Jewar area of Uttar Pradesh that will be able to make 125,000 units per month. This year, the company plans to add about 70 dealerships, bringing the total number of locations to over 100. In order to gain 30% market share in the vertical over the next two years, it intends to concentrate primarily on the electric bike market. Later this year, Kabira Mobility will release professional versions of its KM3000 and KM4000 electric bikes, as well as the KM5000, an electric cruiser. Manoj George, the CEO of Al-Abdulla Group, claimed that India has great potential and may eventually take the lead in producing electric two-wheelers on a global scale.
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He continued, “Our investment in Kabira Mobility is consistent with the Al-Abdulla group’s vision of investing in the renewable energy sector and supporting sustainable mobility solutions on a global basis. Kabira Mobility has received funding in the past; this is not the first funding round for the company. By the end of the year, the company plans to conduct another round of fund raising. The products offered by Kabira Mobility are in line with the Indian government’s push for electric vehicles to lessen air pollution in the nation. Kabira Mobility is also committed to reducing its carbon footprint. The funding from Al-Abdulla Group will enable Kabira Mobility to broaden its customer base and increase access to its electric bikes, which will fuel the expansion of the electric vehicle market in India.