PURE EV (Power Using Renewable Energy), an EV2W OEM based in Hyderabad, announced the completion of a successful financing round in which it secured $8 million from a group of investors.
Bennett Coleman and Company Limited, Hindustan Times Media Ventures, Ushodaya Enterprises Private Limited, current investors, and HNIs spearheaded the investment. With the participation of a foreign institutional investor, the company is currently nearing the end of its $25 million Series A1 investment round.
According to a press release from the company, concurrent talks are being held with possible investors from Singapore, Hong Kong, and Dubai for Series A2 fundraising, with a target infusion of $15 million.
“We are very happy to bring on board such long-term partners and are excited for our next chapter of growth,” PURE EV CEO and co-founder Rohit Vadera stated. In the upcoming six months, we plan to quickly grow our dealer network throughout India, going from 140 to 300. According to the company, its clientele has traveled 1.5 billion kilometers in total to date.
PURE EV: The two-wheeler EV game changer
PURE EV is a manufacturer of electric vehicles with two wheels and uses its strong research and development resources to create vehicles and battery packs. Through a network of more than 140 locations, the company has successfully sold over 70,000 motorcycles and scooters, offering a varied choice of products. It is well-established throughout India and has begun exporting its goods to South Asian nations. The business also intends to enter the Middle Eastern and African markets.
The majority of EV sales are made up of two-wheeler EVs, which make up 85–90% of all EV units sold in the nation. Four-wheel EVs account for 7–9% of sales, according to the most recent report from Bain & Company.
According to the Economic Survey 2023 study, the domestic EV market in the country is expected to increase at a compound annual growth rate (CAGR) of 49% between 2022 and 2030. By 2030, the EV industry is expected to provide over 50 million direct and indirect jobs.
