PURE EV Secures $8 Million in Funding, Approaches $25 Million Fundraising Goal
Hyderabad-based electric vehicle manufacturer, PURE EV, has recently marked a significant milestone by securing $8 million in funding from a consortium of esteemed investors. This consortium includes notable names such as Bennett Coleman and Company Limited, Hindustan Times Media Ventures, and Ushodaya Enterprises Private Limited.
The funding round also saw participation from existing investors and high-net-worth individuals, showcasing widespread confidence in PURE EV’s vision and strategy. This investment is a part of the company’s ongoing Series A1 funding round, which is anticipated to reach a total of $25 million, thanks in part to the involvement of a foreign institutional investor.
The company is not resting on its laurels with this achievement. It is actively engaged in discussions to secure an additional $15 million through its Series A2 funding round, with potential investors from Dubai, Hong Kong, and Singapore. This proactive approach to fundraising underscores PURE EV’s ambitious plans for expansion and innovation in the electric vehicle sector.
Co-Founder & CEO Rohit Vadera expressed his gratitude for the trust and support of their new partners, highlighting the significant impact this investment will have on PURE EV’s trajectory.
Vadera’s enthusiasm is not just for the financial boost but also for the company’s mission to revolutionize electric mobility in India. As part of its growth strategy, PURE EV aims to double its sales network from 140 to 300 dealers across India within the next six months. This expansion is a testament to the company’s commitment to making electric vehicles more accessible and affordable to a wider audience.
Under Vadera’s leadership, PURE EV has achieved remarkable milestones that set it apart in the competitive electric vehicle market. The past year has seen the launch of new electric motorcycles and the introduction of India’s first electric scooter boasting a range of over 200 kilometers on a single charge. These innovations are a clear indication of PURE EV’s dedication to pushing the boundaries of what’s possible in electric transportation.
Moreover, PURE EV has embraced cutting-edge technology by integrating artificial intelligence into its powertrain platforms. This integration not only enhances the performance and efficiency of its vehicles but also ensures they remain affordable for the average consumer. The company’s efforts have resonated well with its customer base, which has collectively covered over 1.5 billion kilometers using PURE EV vehicles. This impressive achievement highlights the growing adoption and trust in PURE EV’s products, signaling a bright future for the company and its contribution to sustainable transportation solutions.