Hyderabad-based electric vehicle manufacturer, PURE EV, has successfully raised $8 million in a funding round led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, and Ushodaya Enterprises Private Limited, along with existing investors and HNIs.
Rohit Vadera, Co-Founder & CEO of PURE EV, in a company statement, 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 6 months.
The company, which is in the final stages of concluding its Series A1 funding round, aims to secure $25 million with the participation of a foreign institutional investor.
Simultaneously, discussions are underway with potential investors from Dubai, Hong Kong, and Singapore for a Series A2 funding round, targeting an additional $15 million.
According to PURE EV, which manufactures 2-wheeler Electric Vehicles (EVs), the company is committed to transforming electric mobility and enhancing transportation affordability.
The company has launched new electric motorcycles in the past year, including India’s first e-scooter that offers a driving range of over 200 kilometres and integrated AI into their power-train platforms.
With more than 70,000 vehicles sold through a network of over 140 outlets, PURE EV claims that its customer base has clocked a cumulative mileage of 1.5 billion kilometres.
The company also revealed that it boasts a portfolio of 120+ IP filings, is exporting its products to South Asia and plans to expand into the Middle East and African markets.
