Pure EV Raises $8 Million In Latest Funding Round

Electric two-wheeler firm Pure EV on Monday said it has raised $8 million (around Rs 66 crore) from a consortium of investors.

The funding was led by Bennett Coleman and Company Ltd, Hindustan Times Media Ventures, alongside Ushodaya Enterprises Pvt Ltd, existing investors and high net-worth individuals, Pure EV said in a statement.

The Hyderabad-based company said it is currently in the final stage of concluding its Series A1 funding round, amounting to $25 million with the participation of a foreign institutional investor.

Concurrently, ongoing discussions are taking place with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, targeting an infusion of $15 million, it added.

"We will be rapidly expanding our pan-India sales network from 140 to 300 dealers in the next six months," Pure EV Co-Founder & CEO Rohit Vadera stated.

The company sells a range of electric motorcycles and scooters and has already sold over 70,000 units.