Bennett Coleman and others lead $8M funding for PURE EV

Hyderabad-based electric vehicle OEM PURE EV has secured $8 million in funding from a group of investors, led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, and Ushodaya Enterprises Private Limited, alongside existing investors and HNIs. According to PURE EV, it is nearing the conclusion of its Series A1 funding round, aiming for $25 million, while also eyeing $15 million in Series A2 funding. “We are currently in the final stages of concluding our Series A1 funding round, amounting to $25 million,” stated the company.

Founded by Rohit Vadera, PURE EV offers a diverse portfolio of motorcycles and scooters, boasting sales of over 70,000 vehicles through a network of 140 outlets nationwide. The brand’s reach extends beyond India, with exports to South Asian countries, and plans to expand into the Middle East and African markets. Vadera emphasized, “We will be rapidly expanding our pan-India sales network from 140 to 300 dealers in the next six months.”

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

In recent weeks, the EV sector has witnessed a surge in funding announcements, with several startups including OTO, Mufin, Corrit Electric, and Revfin unveiling their new funding rounds.