Pure EV has announced that it has raised $8 million (Rs 66 crore) from a consortium of investors led by Bennett Coleman and Company, Hindustan Times Media Ventures, alongside Ushodaya Enterprises, existing investors and HNIs.
The firm is presently in the final stages of closing its Series A1 investment round, which totaled $25 million (Rs 208 crore) and included a foreign institutional investor. Concurrently, conversations are underway with possible investors in Dubai, Hong Kong, and Singapore for Series A2 fundraising, with a target injection of $15 million (Rs 125 crore).
Rohit Vadera, Co-Founder & CEO, Pure EV 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. 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 integration of AI into our power-train platforms while keeping the price affordable.”
The company claims its customers have cumulatively clocked over 1.5 billion kilometres till date.
Pure EV claims it has robust R&D capabilities to produce battery packs and vehicles inhouse, boasting a portfolio of over 120 IP filings. It offers a diverse range of products in motorcycles and scooters and has successfully sold over 70,000 vehicles through a network of more than 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.
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