Pure EV, a Hyderabad-based electric two-wheeler firm, has made headlines by raising $8 million (around Rs 66 crore) from a consortium of investors. The funding round was led by Bennett Coleman and Company Ltd, Hindustan Times Media Ventures, and saw participation from Ushodaya Enterprises Pvt Ltd, existing investors, and high net-worth individuals.

Currently, the firm claims to be in the final stage of concluding its Series A1 funding round. The round will amount to $25 Mn with the participation of a foreign institutional investor. The firm highlighted that simultaneously, it is in discussions with potential investors from Hong Kong, Dubai, and Singapore for Series A2 funding, with a target of raising USD 15 million.

As per the startup, the freshly raised funds will be used to expand its pan-India sales network to 300 dealers from the existing 140+ in the next 6 months.

Pure EV | Electric Mobility Solutions

Founded by Dr. Nishanth Dongari, along with co-founder Rohit Vadera, Pure EV is a Hyderabad-based electric two-wheeler firm that claims to have sold over 70,000 vehicles through a pan-India network of over 140 outlets. In the last calendar year, Pure EV launched new electric motorcycles, which it claims to be India’s first 200+ km range electric scooter, along with integration of AI into its power-train platforms while keeping the price affordable.

Speaking about the development, Rohit Vadera, Co-founder and CEO of PURE EV, highlighted that the startup plans to expand its pan-India sales network to 300 dealers in the next 6 months.

Vadera said,

“We are very happy to bring onboard 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.”

Along with its network of 140+ outlets in India, the EV startup also exports its products to countries in South Asia, with plans to expand to the Middle Eastern and African markets. The firm has set up a dedicated EV and battery manufacturing unit measuring over 1 lakh sqft and boasts a dedicated facility for R&D for EV powertrain development and testing.

As per Vadera, the startup has been relentlessly working towards its vision of transforming electric mobility and enhancing transportation affordability for the common man.

In 2023, India registered the highest EV sales, with the EV market consistently surpassing the 100,000 units mark every month, accounting for nearly 6.4% of the overall automobile sales. Last year, 1.53 million units sold against the million units sold in the previous year.

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