PURE EV Secures Funding of $8 Million Led by Bennett Coleman


Hyderabad-based electric vehicle OEM PURE EV has secured $8 million in funding from a group of investors. The funding round was spearheaded by Bennett Coleman and Company Limited and Hindustan Times Media Ventures, with participation from Ushodaya Enterprises Private Limited, existing investors, and high-net-worth individuals (HNIs).


PURE EV is in the final stages of closing its Series A1 funding round, which is set to total $25 million. Additionally, the company is targeting $15 million in Series A2 funding.


Established by Rohit Vadera, PURE EV offers various products, including motorcycles and scooters. The company boasts a sales record of over 70,000 vehicles through a network of 140 outlets across India. Moreover, it has already begun exporting its products to South Asian countries and has plans for further expansion into Middle Eastern and African markets.


Vadera has outlined the company’s ambitious plans for rapid expansion, aiming to grow its pan-India sales network from 140 to 300 dealers within the next six months.


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


The recent funding round for PURE EV comes amidst a flurry of activity in the electric vehicle startup space, with several companies announcing new funding rounds in recent weeks. OTO, Mufin, Corrit Electric, and Revfin are among them, signalling growing investor interest and support for the EV sector.