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PURE EV Secures $8 Million in Funding Led by Bennett Coleman and Others

PURE EV, an electric two-wheeler original equipment manufacturer (EV2W OEM) based in Hyderabad, has successfully raised $8 million from a consortium of investors. The funding round was spearheaded by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, and Ushodaya Enterprises Private Limited, with participation from existing investors and high net worth individuals (HNIs).


According to PURE EV, this funding marks a significant milestone as the company is on the verge of finalizing its Series A1 funding round, with a target amount of $25 million. Additionally, the firm has set its sights on securing $15 million in Series A2 funding.

Founded by Rohit Vadera, PURE EV specializes in offering a diverse range of electric motorcycles and scooters. The company boasts a commendable track record, having sold over 70,000 vehicles through its extensive network of 140 outlets across India. Notably, PURE EV has also commenced exports to countries in South Asia and is now gearing up to expand its presence into the Middle East and African markets.


Vadera expressed his enthusiasm for the company's future growth plans, revealing that PURE EV aims to significantly expand its pan-India sales network from 140 to 300 dealers within the next six months.


Prior to this latest funding round, PURE EV had secured an undisclosed amount in equity funding from VC Nannapaneni, Chairman and Managing Director of pharmaceutical company NATCO, back in July 2019.


The influx of funding comes amidst a flurry of activity in the electric vehicle (EV) sector, with several startups announcing new funding rounds in recent weeks. Among these are OTO, Mufin, Corrit Electric, and Revfin, highlighting the increasing investor interest and support for innovative ventures in the EV space.


 

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