PURE EV, a leading electric vehicle manufacturer based in Hyderabad, announced today that it has successfully raised $8 million in a recent funding round. The investment was led by prominent entities such as Bennett Coleman and Company Limited, Hindustan Times Media Ventures, and Ushodaya Enterprises Private Limited, alongside existing investors and High Net-Worth Individuals (HNIs).
The funding comes at a crucial juncture for PURE EV as the company is in the final stages of concluding its Series A1 funding round, aiming to secure a total of $25 million. Simultaneously, discussions are underway with potential investors from Dubai, Hong Kong, and Singapore for a Series A2 funding round, targeting an additional $15 million.
Rohit Vadera, Co-Founder & CEO of PURE EV, expressed his enthusiasm about the new partnerships, stating, “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 6 months.”
PURE EV, known for its diverse range of electric motorcycles and scooters, has already sold over 70,000 vehicles through a network of 140 outlets. The company’s commitment to transforming electric mobility and enhancing transportation affordability is evident through its recent product launches, including India’s first e-scooter offering a driving range of over 200 kilometres.
With a portfolio boasting 120+ intellectual property filings, PURE EV has positioned itself as a pioneer in the electric two-wheeler segment. The company has plans to export its products to the Middle East and African markets, building on its existing presence in South Asia.
Vadera emphasized the company’s dedication to expanding its market reach, stating, “We are focused on creating a sustainable future for mobility, and the additional funding will play a crucial role in realizing our vision. Our goal is to provide innovative, high-quality electric vehicles to consumers while contributing to a greener and more sustainable future.”
This funding round for PURE EV aligns with a broader trend in the electric vehicle sector, with several startups announcing new funding rounds in recent weeks. The support from investors, both domestic and international, reflects the growing confidence in the future of electric mobility and PURE EV’s position as a key player in this transformative industry.