Pure EV Raises $8 Million Funding to Expand Sales Network in India

The company is targeting a $15 million capital infusion in Series A2 funding

February 20, 2024


Hyderabad-based electric vehicle (EV) manufacturer Pure EV has secured $8 million in the latest round of funding to help the company expand its sales network in India from 140 to 300 dealers in the next six months.

The funding was led by Benett Coleman and Company (BCCL), Hindustan Times Media Ventures (HMVL), Ushodaya Enterprises, existing investors, and high net-worth individuals.

Pure EV is in the final stages of concluding Series A1 funding amounting to $25 million. The company is also undertaking discussions with potential investors from Dubai, Hong Kong, and Singapore for series A2 funding with a target of $15 million.

The company, which manufactures electric two-wheeler motorcycles and scooters, has sold over 70,000 vehicles through a pan-India network of over 140 outlets. Pure EV exports its products to countries in South Asia and plans to expand to the Middle Eastern and African markets.

“We have been relentlessly working towards our vision of transforming electric mobility and enhancing transportation affordability for the common man. In the last calendar year, we launched new electric motorcycles, India’s first 200+ km range electric scooter, along with integration of AI into our power-train platforms while keeping the price affordable,” said Rohit Vadera, co-founder and CEO of Pure EV.

Last year, India registered the highest EV sales, with 1.53 million units sold against the million units that were sold in the previous year. As the vehicles accounted for nearly 6.4% of the overall automobile sales, the EV market consistently surpassed the 100,000 units mark on a monthly basis.

Two-wheelers accounted for nearly 56% or 857,165 of the total EVs that were sold in 2023. The union government recently revised the budgetary outlay of the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME-II) program, which allocated ₹53 billion ($638 million) for electric two-wheelers.