PURE EV has maintained its BB+ (stable) ratings from the renowned rating agency ICRA, attributed to its consistent performance and financial discipline. With this reaffirmed rating, PURE EV distinguishes itself among its startup peers in the electric two-wheeler (e2W) industry.
ICRA highlights a positive long-term demand outlook for e2Ws in India and commends PURE EV for its in-house technology, particularly in powertrain and battery management systems. This technological edge, coupled with independence from FAME subsidies, is expected to fuel PURE EV’s operational expansion and financial improvement.
Having recently secured $8 million in bridge funding, PURE EV is finalizing Series A1 funding of $25 million from institutional investors. The company aims to bolster its dealership network and introduce new products at competitive prices.
CEO Rohit Vadera expressed satisfaction with maintaining the long-term rating amidst industry challenges and highlighted PURE EV’s efficient capital utilization and positive EBITDA over the past three years. With several favorable factors, PURE EV anticipates exponential growth in the coming months.
PURE EV, headquartered in Hyderabad, India, is a leading manufacturer of electric two-wheeler vehicles. Leveraging robust R&D capabilities, the company produces battery packs and vehicles in-house, boasting over 120 IP filings. With a diverse product portfolio of motorcycles and scooters, PURE EV has sold over 70,000 vehicles through a network of 140+ outlets nationwide and is expanding its presence in South Asia, with plans to enter the Middle East and African markets.
