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India Investment

PURE EV Bags $8 Mn To Scale Up Its EV Two-Wheeler Playbook

Hyderabad-based electric vehicle manufacturer PURE EV (Power Using Renewable Energy) has raised $8 Mn (INR 66.3 Cr) in a funding led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, with participation from Ushodaya Enterprises Private Limited and existing investors and HNIs.

The company is currently in the final stages of concluding its Series A1 funding round, aiming to close the round at $25 Mn. Meanwhile, discussions are also on with potential investors from Dubai, Hong Kong and Singapore for a Series A2 funding of up to $15 Mn.

In a statement, Rohit Vadera, cofounder & CEO, PURE EV said, “We will be rapidly expanding our pan-India sales network from 140 to 300 dealers in the next 6 months. In the last calendar year, we crossed many significant milestones. We launched new electric motorcycles, India’s first 200+ KM range electric scooter along with multiple innovations such as integration of AI into our power–train platforms while keeping the price affordable.

Additionally, the startup’s customer base has crossed a cumulative mileage of 1.5 Bn Kilometers to date.

With a mission to transform electric mobility and enhance transportation affordability, PURE EV is a manufacturer of 2-wheeler electric vehicles. Boasting 120+ IP filings, the company utilises in-house R&D capabilities to produce battery packs and vehicles. Having sold over 70,000 vehicles through a network of 140+ outlets, PURE EV operates across India and exports to South Asian countries.

It plans to include expansion into the Middle East and African markets.

In the past year, the company introduced new electric motorcycles, including India’s first escooter that offers a driving range of over 200 kilometres and integrated AI into their power-train platforms.

Following the setbacks of the FAME-II policy last year, impacting the top line of major players in India’s electric two-wheeler market, vehicle registrations are now showing signs of consistent growth.

According to Vahan data collected by Inc42 on February 1, total two-wheeler EV registration increased 7.4% month-on-month (MoM) to 81,344 units in January, with Ola Electric again topping the charts.

Ola Electric’s escooter registrations grew by 6% MoM, surpassing 32,000 units in January 2024, experiencing a remarkable 75% year-on-year increase. Legacy player TVS Motor secured the second spot, witnessing a 23% MoM jump in EV registrations, while Bajaj Auto, with 10,742 units, took the third spot despite a modest 3% MoM rise. Ather Energy stood out with the most significant MoM increase, registering over 41% growth to reach 9,209 units in January.