Hyderabad-based EV2W OEM, PURE EV (Power Using Renewable Energy), announced a successful fundraising round, securing $ 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 company is currently in the final stages of concluding its Series A1 funding round, amounting to $ 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 $ 15 million, the company said in a press release.
Rohit Vadera, co-founder and CEO of PURE EV said, “We are very happy to bring on board such long-term partners and are excited for our next chapter of growth. We will be rapidly expanding our pan-India sales network from 140 to 300 dealers in the next 6 months.”
The company said that its customer base has crossed a cumulative mileage of 1.5 billion Kilometers till date.
PURE EV manufactures 2-wheeler Electric Vehicles and leverages its robust R&D capabilities to produce battery packs and vehicles.
The company offers a diverse range of products in motorcycles and scooters and has successfully sold over 70,000 vehicles through a network of 140+ outlets. It has a pan-India presence and is already exporting its products to countries in South Asia. Further, the company plans to expand into Middle East and African markets.
Two- wheelers EV vehicles form the majority of EV sales, accounting for 85 per cent- 90 per cent of all EV units sold in the country, followed by 4W EVs (7 per cent-9 per cent of sales) a report by Bain & Company finds in its latest report.
The Economic Survey 2023 report predicts that the country's domestic EV market will see a 49 per cent compound annual growth rate (CAGR) between 2022 and 2030. It is projected that the EV sector will create around 50 million direct and indirect jobs by 2030.
