Feb 19: Pure EV, an electric two-wheeler firm on Monday stated it secured $8 million (around Rs 66 crore) from a consortium of investors. The current round of funding will help the firm accelerate its sales network and brand adoption across India.
The Hyderabad-based firm said it is currently in the final stage of concluding its Series A1 funding round, amounting to $25 million with the participation of a foreign institutional investor.
The company claims their cutting-edge battery technology has helped reduce carbon dioxide (CO2) emissions by an impressive 57,000 tons. Further, its electric fleet has logged a total of 1410 million kilometers till date.
Concurrently, Pure EV is having active discussions are taking place with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, targeting an infusion of $15 million, it added.
Pure EV to expand sales network from 140 to 300 dealers across India
“We will be rapidly expanding our pan-India sales network from 140 to 300 dealers in the next six months,” Pure EV Co-founder and CEO Rohit Vadera stated. The company sells a range of electric motorcycles and scooters and has already sold over 70,000 units.
The company is in the business of manufacturing electric scooters and motorcycles under the brand “PURE EV”. It has set up a dedicated EV and battery manufacturing unit measuring over 1 lakh sqft and having a dedicated facility for R&D for EV powertrain development and testing.
PURE a leading EV2W brand in India claims to have a dominant position in exports to South Asian countries Nepal and Bhutan.
The latest round of funding was led by Bennett Coleman and Company Ltd, Hindustan Times Media Ventures, alongside Ushodaya Enterprises Pvt Ltd, existing investors and high net-worth individuals, Pure EV said in a statement.
