New Delhi: Hyderabad-based EV2W OEM PURE EV announced a successful fundraising round, securing $ 8mn from a consortium of investors. The funding was led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, alongside Ushodaya Enterprises Private Limited, existing investors, and HNIs.
The company is currently in the final stages of concluding its Series A1 funding round, amounting to $ 25mn, with the participation of a foreign institutional investor. Concurrently, ongoing discussions are taking place with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, targeting an infusion of $ 15mn.
Rohit Vadera, Co-Founder & CEO of PURE EV, said, “We are very happy to bring on board such long-term partners and are excited for our next chapter of growth. We will be rapidly expanding our pan-India sales network from 140 to 300 dealers in the next six months.
We have been relentlessly working towards our vision of transforming electric mobility and enhancing transportation affordability for the common man. In the last calendar year, we crossed many significant milestones. We launched new electric motorcycles, India’s first 200+ KM range electric scooter, along with multiple innovations such as the integration of AI into our power-train platforms while keeping the price affordable.
Our customers’ base has crossed a cumulative mileage of 1.5 billion Kilometers to date.”
PURE EV stands as a leading manufacturer of 2-Wheeler Electric Vehicles, headquartered in Hyderabad, India. With a mission to transform electric mobility and enhance transportation affordability, PURE EV leverages its robust R&D capabilities to produce battery packs and vehicles in-house, boasting a portfolio of 120+ IP filings. The company offers a diverse range of products in motorcycles and scooters, and has successfully sold over 70,000 vehicles through a network of 140+ outlets. The company has a pan-India presence and is already exporting its products to countries in South Asia. Further, the company plans to expand into Middle-east and African markets.
