Hyderabad's EV startup PURE EV raises $8M led by BCCL, Hindustan Times, others

Hyderabad-based electric vehicle manufacturer PURE EV has raised $8 million in a funding round led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, and Ushodaya Enterprises Private Limited. 

The round also saw participation from existing investors and high net-worth individuals (HNIs). The funding comes at a time when the startup is gearing up for rapid expansion and innovation in the electric vehicle (EV) sector.

Concluding Series A1 funding round

The company is on the brink of concluding its Series A1 funding round, targeting a total of $25 million with the participation of a foreign institutional investor.

Additionally, PURE EV is in discussions with potential investors from Dubai, Hong Kong, and Singapore for a Series A2 funding round, aiming to secure another $15 million. 

Accelerating growth and expansion

Rohit Vadera, Co-Founder & CEO of PURE EV, expressed enthusiasm about the company's growth trajectory, stating, "We are very happy to bring on board such long-term partners and are excited for our next chapter of growth."

It plans to double its pan-India sales network, increasing from 140 to 300 dealers within the next six months. 

Product innovation 

Besides expansion, PURE EV is also focused on innovating in the product space. The startup has introduced new electric motorcycles and India’s first e-scooter with a driving range of over 200 kilometres, integrating AI into their powertrain platforms. 

With a portfolio of over 120 IP filings, PURE EV claims to have sold more than 70,000 vehicles through its network of over 140 outlets, with its customer base clocking a cumulative mileage of 1.5 billion kilometers.

The startup, which has a strong presence in India and exports to South Asia, is setting its sights on the Middle East and African markets for further expansion. 

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