PURE EV, the Hyderabad-based electric vehicle manufacturer, has secured a noteworthy $8 million in a funding round led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, and Ushodaya Enterprises Private Limited.
This funding infusion, which also saw the active participation of existing investors and high net-worth individuals (HNIs), arrives at a pivotal juncture as the startup gears up for an ambitious expansion and innovation drive within the electric vehicle (EV) sector.
The company is on the verge of finalizing its Series A1 funding round, eyeing a total investment of $25 million, with a foreign institutional investor slated to join the fray.
Moreover, PURE EV is currently engaged in discussions with prospective investors from Dubai, Hong Kong, and Singapore for a subsequent Series A2 funding round, with aspirations to secure an additional $15 million.
Rohit Vadera, Co-Founder & CEO of PURE EV, exudes confidence in the company’s growth trajectory, expressing delight at welcoming aboard such esteemed long-term partners and eagerly anticipating the next phase of expansion.
In line with its growth strategy, PURE EV aims to double its pan-India sales network, ramping up from 140 to 300 dealerships within the next six months.
Beyond geographical expansion, PURE EV remains steadfast in its commitment to product innovation. The startup recently unveiled new electric motorcycles and India’s inaugural e-scooter boasting a driving range exceeding 200 kilometres, integrating AI seamlessly into their powertrain platforms.
Backed by a robust portfolio comprising over 120 IP filings, PURE EV proudly reports having sold upwards of 70,000 vehicles through its extensive network of 140 outlets, with customers collectively covering a staggering cumulative mileage of 1.5 billion kilometers.
With a strong foothold in India and a burgeoning presence in South Asia, PURE EV sets its sights on penetrating the Middle East and African markets, charting a course for further expansion and influence.