PURE EV, an EV2W OEM located in Hyderabad, has raised $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 funding.
As per PURE EV, it is presently nearing the completion of its $25 million Series A1 fundraising round. Additionally, the company wants to raise $15 million in Series A2 funding.
Established by Rohit Vadera, PURE EV provides a wide selection of motorcycles and scooters and boasts of having sold over 70,000 units via a network of 140 dealers. The company is well-known throughout India and has begun exporting its goods to South Asian nations. The company also intends to enter the Middle Eastern and African markets.
According to Vadera, the company will quickly grow its dealer network throughout India, going from 140 to 300 in the next six months.
Prior to this round, in July 2019, VC Nannapaneni, Chairman and Managing Director of the pharmaceutical company NATCO, contributed an undisclosed sum of equity funding to Pure Ev.
Almost six EV-focused startups have announced their new funding round in the last few weeks. OTO, Mufin, Corrit Electric, and Revfin are included in the list.
