19 February 2024 – Hyderabad-based electric two-wheeler original equipment manufacturer (EV2W OEM), PURE EV, has successfully raised $8 million in a recent funding round. The investment was spearheaded by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, Ushodaya Enterprises Private Limited, alongside participation from existing investors and high-net-worth individuals.
PURE EV Company Background:
Founded by Rohit Vadera, PURE EV is a prominent player in the electric vehicle (EV) sector, offering a diverse range of motorcycles and scooters. With a robust network of 140 outlets, the company boasts a pan-India presence and has sold over 70,000 vehicles. PURE EV is also making strides in the global market, currently exporting its products to countries in South Asia and planning expansion into the Middle East and African markets.
Funding Details:
PURE EV is in the final stages of concluding its Series A1 funding round, targeting a total of $25 million. Simultaneously, discussions are underway for Series A2 funding, aiming to secure an additional $15 million. The latest round of funding signifies a significant step for PURE EV as it continues to strengthen its position in the rapidly growing EV market.
Rohit Vadera expressed the company’s intention to rapidly expand its pan-India sales network, increasing the number of dealers from 140 to 300 in the next six months. This expansion aligns with PURE EV’s strategy to enhance its market reach and meet the rising demand for electric two-wheelers.
The funding announcement comes at a time when several EV-focused startups are actively securing new rounds of investment. In a landscape that includes companies like OTO, Mufin, Corrit Electric, and Revfin, PURE EV’s successful funding round adds to the momentum in the EV sector.
Conclusion:
The $8 million investment led by a consortium of investors, including prominent media entities, positions PURE EV for accelerated growth and continued innovation in the electric two-wheeler space. As discussions for Series A1 and A2 funding progress, PURE EV is poised to play a pivotal role in shaping the future of sustainable mobility.
