Hyderabad-based Pure EV has successfully raised $8 million in funding from a consortium of investors. Led by prominent names such as Bennett Coleman and Company Ltd and Hindustan Times Media Ventures, this investment underscores the growing confidence in Pure EV’s vision and its potential to revolutionize the country’s transportation landscape.
Founded by Dr. Nishanth Dongari and co-founder Rohit Vadera, Pure EV has emerged as a leading player in the electric two-wheeler segment, boasting a strong track record of innovation and market penetration. With this latest infusion of capital, the company is poised to accelerate its expansion plans and further establish its presence across India.
“This funding round marks a significant milestone for Pure EV and reaffirms the confidence that investors have in our mission to drive the adoption of electric mobility,” stated Rohit Vadera, Co-founder and CEO of Pure EV. “We are committed to leveraging this investment to expand our sales network, enhance our product offerings, and contribute to a greener, more sustainable future.”
The $8 million investment comes at a crucial juncture for Pure EV, as the company nears the conclusion of its Series A1 funding round. With plans to raise a total of $25 million, including participation from a foreign institutional investor, Pure EV is also in discussions with potential investors from Hong Kong, Dubai, and Singapore for Series A2 funding, aiming to secure an additional $15 million.
Pure EV’s commitment to innovation and affordability has resonated with consumers, as evidenced by its extensive sales network of over 140 outlets across India and sales exceeding 70,000 vehicles. The company’s recent introduction of electric motorcycles, including India’s first 200+ km range electric scooter, has further solidified its position as a market leader in the EV space.
Looking ahead, Pure EV intends to expand its pan-India sales network to 300 dealers within the next six months, catering to the growing demand for electric vehicles in both urban and rural markets. In addition to strengthening its domestic presence, Pure EV also aims to explore opportunities for expansion into international markets, particularly in South Asia, the Middle East, and Africa.
With a state-of-the-art manufacturing facility spanning over 1 lakh sqft and dedicated research and development capabilities for EV powertrain development, Pure EV is well-equipped to meet the evolving needs of consumers and contribute to India’s transition towards sustainable mobility solutions.
The recent surge in EV sales in India, with the market consistently surpassing the 100,000 units mark monthly, underscores the growing acceptance and demand for electric vehicles among Indian consumers. Pure EV’s latest funding round not only validates the company’s market potential but also signals a significant step forward in realizing India’s vision of a cleaner, more environmentally friendly transportation ecosystem.
