Hyderabad-based electric two-wheeler manufacturer Pure EV has raised $8 million from a consortium of investors led by Bennett Coleman and Company Ltd, Hindustan Times Media Ventures, and Ushodaya Enterprises Pvt Ltd. The company is also in the final stages of raising $25 million from foreign institutional investors and is in talks to raise another $15 million in Series A2 funding.
About Pure EV
Pure EV was founded in 2016 by a team of IIT Hyderabad alumni with a vision to transform electric mobility and enhance transportation affordability for the common man. The company leverages its robust R&D capabilities to produce battery packs and vehicles in-house, boasting of a portfolio of 120+ IP filings. The company offers a diverse range of products in motorcycles and scooters, such as EPluto 7G, ETrance Neo, ETron Plus, and Egnite.
Recent Milestones and Innovations
The company has sold over 70,000 vehicles through a network of 140+ outlets across India. The company has also launched new electric motorcycles, such as Etrance Max and Egnite X, which offer high performance and long-range capabilities. The company has also introduced India’s first 200+ km range electric scooter, EPluto X7, which comes with a detachable battery and an AI-enabled smart dashboard. The company has also integrated AI into its power-train platforms to optimize the battery performance and enhance the user experience.
Future Plans and Growth Strategy
The company plans to use the funds to expand its pan-India sales network from 140 to 300 dealers in the next six months, as well as to enter new markets in South Asia, Middle East, and Africa. The company also aims to increase its production capacity from 2,000 units per month to 10,000 units per month by the end of 2024. The company also plans to invest in R&D for new product development and innovation, such as battery swapping technology, fast charging solutions, and smart connectivity features.
Pure EV Co-Founder & CEO Rohit Vadera said, “We are very happy to bring onboard such long term partners and are excited for our next chapter of growth. We have been relentlessly working towards our vision of transforming electric mobility and enhancing transportation affordability for the common man. In the last calendar year, we crossed many significant milestones.”
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