In March 2023 a small Goa startup told the country it had raised $50 million (reported at about ₹412 crore, Inc42) from a Qatari conglomerate, one of the larger cheques written into an Indian electric two-wheeler maker that year. Two financial years later, the same company, Kabira Mobility Private Limited, booked operating revenue of about ₹12 crore and ran on roughly 47 employees.
That gap between the headline and the ledger is the whole story of Kabira Mobility. It builds high-speed electric motorcycles it has marketed since 2021 as “India’s fastest,” it holds a factory in Dharwad it says can make 40,000 units a month, and it announced a plan to spend ₹300 crore on a second plant near Jewar. Yet its reported sales have run in the tens and low hundreds of vehicles a year, and its FY25 revenue fell about 24.8% from the year before (Inc42). This is a study in the distance between an electric-vehicle ambition and an electric-vehicle business.
Quick facts
| Company | Kabira Mobility, operated by Kabira Mobility Private Limited (CIN U34100GA2021PTC015010), Verna, Goa; an earlier vehicle, Kabira Mobility LLP, also exists (Tofler) |
| Founded | Brand founded 2017; work began in earnest around 2019; the current private limited company was incorporated on 28 October 2021 (Tofler, Inc42) |
| Founder(s) | Jaibir Singh Siwach (ex-serviceman, Indian Navy veteran) with sons Akash Siwach and Sagar Siwach, both engineers (Tofler, Inc42) |
| Businesses | High-speed electric motorcycles (KM3000, KM4000) and commercial delivery e-scooters (Hermes 75); design and technology in-house, components outsourced (Inc42) |
| Latest FY revenue | About ₹12 crore in FY25, down about 24.8% from about ₹16 crore in FY24 (Inc42) |
| Latest FY profit/loss | Net profit or loss not publicly disclosed for FY25; detailed profit-and-loss figures sit behind paid filings databases (Tofler) |
| Listed | Private; no public listing |
| Market value / last valuation | Not disclosed; valuation figures are masked on funding databases (Tracxn, Crunchbase) |
| Key people / backers | Jaibir S. Siwach (CEO); Qatar’s Al-Abdulla Group as the named Series A investor (Business Standard, Inc42) |
What Kabira Mobility does
Kabira Mobility designs and assembles electric two-wheelers in India and sells them to retail buyers and, in the case of one model, to delivery fleets. It positions itself at the fast, long-range end of the market rather than the affordable commuter end that most Indian electric-scooter volume sits in. Its public product line is small and centred on two motorcycles and a delivery scooter.
- KM3000 and KM4000: high-speed electric motorcycles launched on 16 February 2021 and marketed by the company as “India’s fastest electric bikes” (PR Newswire, Business Standard).
- Hermes 75: a high-speed commercial delivery e-scooter launched in April 2021, pitched by the company as “India’s first high-speed commercial delivery e-scooter,” with a claimed 130 km range and 85 km/h top speed (PR Newswire, Inc42).
- Mark-II motorcycles (2024): updated KM3000 and KM4000 with a modular battery pack, a company-certified range of up to 201 km, a 120 km/h top speed and 0-40 km/h in a claimed 2.9 seconds (Mobility Outlook).
- Design and core technology are developed in-house, while components are outsourced to suppliers named by the company as DeltaEV, Jyoti Tooling and Hitachi Astemo (Inc42).
- By 2026 the company described a retail and service footprint of dozens of sales points and a few hundred service and charging points across roughly 38 cities (company-stated).
The origin
Kabira Mobility did not come out of the automotive industry. Its founder, Jaibir Siwach, is an ex-serviceman and Indian Navy veteran; his sons Akash and Sagar Siwach are engineers by training. None of the three had built vehicles before. The brand dates to 2017, the work became serious around 2019, and the company that makes the products today, Kabira Mobility Private Limited, was formally incorporated in Goa on 28 October 2021 (Tofler, Inc42).
The founding logic, as the company has described it to the press, was to enter the market cautiously and learn before committing to the harder product. Rather than begin with the performance motorcycle they wanted to build, the founders started with an electric scooter aimed at commercial delivery use, using it to study demand, supply chains and after-sales before pursuing the core mission of a fast, long-range electric motorcycle. At the Auto Expo in 2020 the company showed a wide slate of concepts, including scooters branded Kollegio and Intercity alongside a KM3000 motorcycle, signalling ambition well ahead of what it could then manufacture. The origin, in short, was ambition first and industrial capacity later, which is precisely the tension the rest of the story turns on.
The struggle years
Building an electric motorcycle is one of the hardest ways to enter Indian mobility. It demands a high-capacity battery, a powerful motor, crash-tested engineering, homologation and a service network, all before the first customer rides away. Kabira Mobility set itself the additional difficulty of promising the fastest bike in the category, and the early record shows how slowly the volume followed the promise.
- The KM3000 and KM4000 were announced in February 2021, but customer deliveries were staggered: the company began deliveries around May 2021 and only reached wider nationwide dealer deliveries by early 2022 (India Car News, Motonewsworld).
- Early independent reviews flagged build-quality issues on test units, a reminder that a startup without automotive heritage was learning fit and finish in public (industry reviews).
- Reported unit sales were tiny at first: about 5 vehicles in FY21 and roughly 107 in FY22, on revenue of about ₹5 crore and ₹12 crore respectively (Inc42), figures that show how far the company was from mass production despite its factory claims.
- The company pursued a two-pronged product plan, a delivery scooter to generate early cash and a flagship motorcycle to build the brand, but neither reached the scale needed to cover the fixed cost of a vehicle business.
These were not near-death moments in the dramatic sense; they were the grind of a hardware startup discovering that announcements are cheap and manufacturing is not. The gap between the “India’s fastest” marketing and a few hundred vehicles a year defined this phase.
The turning point
The single event that changed the company’s story arrived on 17 March 2023, when Kabira Mobility announced a $50 million Series A investment from Qatar’s Al-Abdulla Group (Business Standard, Inc42, PR Newswire). The two sides did not disclose the exact structure of the deal, describing it as an equity sale, and Inc42 reported the figure as roughly ₹412 crore.
The contrast on either side of that announcement is stark. In the financial year before the round, the company was selling vehicles in the low hundreds and reporting revenue in the low tens of crore. After the round, it laid out a plan to spend at industrial scale: ramping the existing Dharwad plant, investing a reported ₹300 crore in a new facility near Jewar in Uttar Pradesh with a stated capacity of 1.25 lakh units a month, and targeting 30% of the electric-bike segment within two years (Inc42). Company filings from around this period show the scale of the operating base was still modest, with paid-up capital of about ₹1 crore and an ICICI Bank charge of about ₹4 crore created in February 2024 (Tofler). The turning point, then, was a step-change in stated ambition and announced capital rather than a proven step-change in sales.
The money behind it
Kabira Mobility’s funding is unusual for an Indian EV startup: it is concentrated in a single overseas strategic backer rather than a syndicate of venture funds. The publicly traceable picture, drawn from funding databases and news coverage, looks like this.
- Series A, 17 March 2023: $50 million from the Qatar-based Al-Abdulla Group, announced as an equity sale with terms undisclosed (Business Standard, Inc42, YourStory).
- A second, smaller round dated around 3 February 2024 is listed by trackers, with the amount masked (Tracxn).
- Total funding is recorded as about $50.6 million across two rounds and two investors, meaning the 2023 Series A accounts for almost all of the capital raised (Tracxn).
- Valuation is not disclosed; post-money valuation figures are masked on Tracxn and Crunchbase, so any specific number would be unverifiable.
- Stated uses of the capital: expand Dharwad output, build the Jewar plant (a reported ₹300 crore commitment), launch new products and widen the sales and service network (Inc42).
What each backer changed is simpler here than at most startups: with essentially one large investor, the Al-Abdulla Group’s cheque is what took Kabira from a bootstrapped-feeling operation to one publicly committing to multi-plant capacity. That concentration is also a risk, discussed below.
How it makes money
Kabira Mobility earns the way any two-wheeler maker does, by selling vehicles for more than they cost to build and deliver, plus after-sales. The specifics of its margin are not published, so this section states the model and prices rather than claiming a take rate the company has not disclosed.
- Retail motorcycle sales are the core: the KM3000 launched at about ₹1,26,990 and the KM4000 at about ₹1,36,990 (ex-showroom, Goa) in 2021, with 2024 Mark-II versions listed at about ₹1.74 lakh and ₹1.76 lakh (ex-showroom, Goa) (Rushlane, Mobility Outlook).
- Commercial fleet sales via the Hermes 75 delivery scooter add a business-to-business channel aimed at last-mile logistics operators (PR Newswire).
- Costs sit where they sit for all EV two-wheeler makers: the battery pack and motor dominate the bill of materials, and Kabira outsources components while keeping design in-house, which limits capital tied up in parts-making but leaves it exposed to supplier pricing (Inc42).
- Fixed costs, a factory, homologation, dealers and service, are heavy relative to Kabira’s small unit volumes, which is the part outsiders most often miss: a plant rated at 40,000 units a month earns nothing on the thousands of units of headroom it is not using.
- After-sales, spares and charging services are a potential recurring stream as the installed base grows, but at current volumes they are small.
The numbers
The reliable revenue figures come from Inc42’s tracking of the company’s filings. Net profit and loss for the most recent years are not publicly disclosed at the level of specific figures, so the table below reports revenue only and marks profit/loss as not available rather than guessing.
| Financial year | Operating revenue (₹ crore) | Net profit/loss |
| FY21 | About 5 (Inc42) | Not disclosed |
| FY22 | About 12 (Inc42) | Not disclosed |
| FY24 | About 16 (Inc42) | Not disclosed |
| FY25 | About 12, down about 24.8% YoY (Inc42) | Not disclosed |
Two things stand out. First, the scale is small: even at its FY24 peak the company’s top line was about ₹16 crore, a fraction of the capital it announced raising. Second, the direction turned negative: FY25 revenue of about ₹12 crore was down roughly a quarter on FY24, at a time when India’s broader electric two-wheeler market was still growing. A reported FY23 revenue target of about ₹18 crore has been cited, but as a projection rather than an audited outcome, so it is left out of the table (Inc42).
- Reported unit sales were about 5 in FY21 and about 107 in FY22, illustrating that revenue in this business tracks a small number of high-value vehicles (Inc42).
- Headcount was about 47 as of mid-2026, consistent with a small manufacturing and sales operation rather than a mass-market OEM (Tracxn, Inc42).
Where the money comes from
Kabira Mobility does not publish a formal segment or geography split, so the composition below is drawn from what the company and coverage describe rather than from a disclosed breakdown.
- By product: two retail motorcycles (KM3000, KM4000) plus the Hermes 75 delivery scooter, with the motorcycles carrying the brand and the scooter aimed at fleets (PR Newswire, Inc42).
- By channel: a dealer-led retail model backed by a company-stated network of sales, service and charging points across roughly 38 cities in 2026 (company-stated).
- By geography: the company is Goa-headquartered with manufacturing in Dharwad, Karnataka, and an announced future plant near Jewar, Uttar Pradesh (Inc42, Mobility Outlook).
- The surprise: for a company that raised most of its money from a single Qatari investor and talks in lakhs of units of capacity, the actual revenue base is concentrated in a handful of high-priced motorcycles sold in modest numbers, so the “money that comes in” is far smaller and narrower than the announced footprint implies.
The risks
The risks here are concrete and mostly flow from the same root: announced scale far ahead of demonstrated sales.
- Demand and revenue direction: FY25 operating revenue fell about 24.8% to roughly ₹12 crore while the wider Indian electric two-wheeler market grew, which suggests Kabira is losing relative ground to larger, better-funded rivals such as Ola Electric, TVS, Bajaj, Ather and Ultraviolette (Inc42). A premium, low-volume motorcycle strategy is hard to sustain if volumes do not rise.
- Single-investor concentration: with nearly all capital coming from one strategic backer, the Al-Abdulla Group, the company is unusually exposed to that relationship. If the backer’s appetite changes, replacing that capital in a cash-hungry hardware business would be difficult, and no diversified investor syndicate is publicly in place (Tracxn).
- Execution gap on capacity: a 40,000-units-a-month Dharwad plant and a proposed 1.25 lakh-units-a-month Jewar facility imply fixed costs and capital commitments that only make sense at volumes many times the reported few-hundred-units-a-year sales. Carrying unused capacity, or spending ₹300 crore before demand exists, is a direct financial risk (Inc42).
- Product and brand risk: early build-quality criticism on review units, in a segment where safety and reliability decide repeat sales, can be costly for a small maker that cannot easily absorb recalls or warranty claims (industry reviews).
The takeaway
Kabira Mobility is a reminder that in hardware, capital and capacity are inputs, not outcomes. A widely reported $50 million round and a factory rated in the tens of thousands of units a month did not, by 2025, translate into more than about ₹12 crore of revenue or into unit sales beyond the low hundreds in its documented years. The transferable lesson is not that the company has failed, it may yet grow, but that announcements about capacity and funding should be read separately from the ledger. For anyone assessing an EV startup, the number that matters most is not the headline cheque or the plant’s rated output; it is how many vehicles actually left the showroom, and whether that figure is rising.
Frequently asked questions
Who founded Kabira Mobility and where is it based?
Kabira Mobility was founded by Jaibir Singh Siwach, an ex-serviceman and Indian Navy veteran, together with his sons Akash and Sagar Siwach, who are engineers. The operating company, Kabira Mobility Private Limited, is registered in Verna, Goa, and was incorporated on 28 October 2021 (Tofler, Inc42).
How much funding has Kabira Mobility raised?
The company announced a $50 million Series A from Qatar’s Al-Abdulla Group on 17 March 2023, reported at about ₹412 crore. Funding trackers record total funding of about $50.6 million across two rounds and two investors, so the 2023 round is almost all of it (Business Standard, Inc42, Tracxn).
What is Kabira Mobility’s revenue?
Operating revenue was about ₹12 crore in FY25, down roughly 24.8% from about ₹16 crore in FY24, according to Inc42. Earlier years were smaller, at about ₹5 crore in FY21 and about ₹12 crore in FY22. Detailed profit or loss figures are not publicly disclosed (Inc42, Tofler).
What vehicles does Kabira Mobility make?
Its main products are the KM3000 and KM4000 high-speed electric motorcycles, marketed by the company as “India’s fastest,” and the Hermes 75 commercial delivery e-scooter. Updated Mark-II motorcycles launched in 2024 with a company-certified range of up to 201 km and a 120 km/h top speed (PR Newswire, Mobility Outlook).
Is Kabira Mobility profitable or listed?
Kabira Mobility is a private company and is not listed on any stock exchange. It has not publicly disclosed specific profit or loss figures, and its valuation is not disclosed on funding databases (Tracxn, Crunchbase).
Sources
Figures are as of September 2026. Dollar amounts are cited as reported by the sources at the time of each announcement (for example, the $50 million Series A was reported at about ₹412 crore in March 2023); for reference, $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- Inc42 — Kabira Mobility company profile (funding and revenue), 2026
- Inc42 — “Here’s How Kabira Mobility Is Revving In The EV Space With Its Performance Bikes,” 2023
- Inc42 — “Kabira Mobility Raises $50 Mn To Ramp Up Production,” March 2023
- Business Standard — “Electric two-wheeler maker Kabira Mobility secures $50 million funding,” March 2023
- PR Newswire (India) — “Al-Abdullah Group (Qatar) invests $50 million in Kabira Mobility,” March 2023
- PR Newswire (India) — “Kabira Mobility launches KM3000 & KM4000, India’s Fastest Electric Bikes,” February 2021
- PR Newswire (India) — “Kabira Mobility Launches Hermes 75, India’s First High-speed Commercial Delivery E-Scooter,” April 2021
- Mobility Outlook — “Kabira Mobility Launches KM3000 & KM4000 Mark-II Models,” 2024
- Rushlane — KM3000 and KM4000 launch prices, February 2021
- Tofler — Kabira Mobility Private Limited (CIN U34100GA2021PTC015010) company details, 2026
- Tracxn — Kabira Mobility company and funding profile, 2026
- Crunchbase — Kabira Mobility organization profile, 2026
- YourStory — “Kabira Mobility raises $50M from Qatar-based Al-Abdulla Group,” March 2023
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