EV Startup PURE EV Raises USD 8 Mn in Series A1 Led by BCCL and Hindustan Times Media Ventures The Hyderabad-based 2-wheeler electric vehicles startup PURE EV plans to use the raised capital to expand its pan-India sales network in the next six months.
By Entrepreneur Staff •
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IIT Hyderabad incubated EV startup PURE EV has announced a fundraising, securing USD 8 million from a consortium of investors. The funding was led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, alongside Ushodaya Enterprises Private Limited, existing investors and HNIs.
The startup is currently in the final stages of concluding its Series A1 round, mounting to USD 25 million, with the participation of a foreign institutional investor. Concurrently, ongoing discussions are taking place with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, targeting an infusion of USD 15 million.
Rohit Vadera, Co-Founder and CEO, PURE EV said, "We will be rapidly expanding our pan-India sales network from 140 to 300 dealers in the next six months. Our customers 'base have crossed a cumulative mileage of 1.5 billion kilometres till date."
"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," he added.
Founded in 2015 by Nishanth Dongari and Rohit Vadera, PURE EV is a manufacturer of 2-wheeler electric vehicles. The company offers a diverse range of products in motorcycles and scooters, and has sold over 70,000 vehicles through a network of 140+ outlets.
The startup has a pan India presence and is already exporting its products to countries in South Asia. Further, It plans to expand into Middle-east and African markets.
