Hyderabad-based electric vehicle manufacturer PURE EV has successfully secured $8 million in funding from a consortium of investors. The fundraising round was led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, and Ushodaya Enterprises Private Limited, along with participation from existing investors and high net-worth individuals.
PURE EV is currently in the final stages of concluding its Series A1 funding round, which is set to total $25 million with the involvement of a foreign institutional investor. Concurrently, the company is engaged in discussions with potential investors from Dubai, Hong Kong, and Singapore for its Series A2 funding, aiming to raise $15 million.
Rohit Vadera, Co-Founder & CEO of PURE EV, expressed his satisfaction with the addition of long-term partners and excitement for the company’s growth trajectory. He highlighted plans to expand the sales network across India from 140 to 300 dealers within the next six months.
Vadera emphasized PURE EV’s commitment to transforming electric mobility and making transportation more affordable. The company achieved significant milestones in the past year, including the launch of new electric motorcycles and India’s first electric scooter with a range exceeding 200 kilometers. Additionally, PURE EV has implemented innovations such as integrating artificial intelligence into its powertrain platforms while ensuring affordability.
Furthermore, Vadera noted that PURE EV’s customer base has collectively traveled over 1.5 billion kilometers to date, highlighting the growing adoption and usage of their electric vehicles.
