Pure EV, an electric two-wheeler company, announced that it raised USD 8 million (about Rs 66 crore) from a group of investors. According to a statement by Pure EV, the funding was led by Bennett Coleman and Company Ltd, Hindustan Times Media Ventures, along with Ushodaya Enterprises Pvt Ltd, existing investors, and high net-worth individuals.
The Hyderabad-based company announced that it is nearing the completion of its Series A1 funding round, totaling USD 25 million, with the involvement of a foreign institutional investor.
At the same time, Pure EV is engaged in discussions with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, aiming to secure an injection of USD 15 million.
“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, known for its electric motorcycles and scooters, has achieved sales exceeding 70,000 units.
