PURE EV secures USD 8M in funding | Finalizing a USD 25M raise

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Hyderabad-based E-2W OEM, PURE EV, has announced the closure of a fundraising round, securing USD 8 million from a consortium of investors, including Bennett Coleman and Company Limited, Hindustan Times Media Ventures, and Ushodaya Enterprises Private Limited, among others. The company is also in the final stages of concluding its Series A1 funding round, aiming for USD 25 million, with the participation of a foreign institutional investor. Discussions are ongoing with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, targeting an infusion of USD 15 million.

Rohit Vadera, Co-Founder & CEO, PURE EV said, “We are very happy to bring onboard 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. 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. We launched new electric motorcycles, India’s first 200+ KM range electric scooter along with multiple innovations such as integration of AI into our power-train platforms while keeping the price affordable. Our customers’ base have crossed a cumulative mileage of 1.5 billion Kilometers till date.”

Also read: PURE EV launches extended warranty policy for its electric vehicles