PURE EV raises $8 Mn led by Bennett Coleman and others

Hyderabad based EV2W OEM PURE EV has raised $8 million from a clutch of investors. The funding was led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, alongside Ushodaya Enterprises Private Limited, existing investors and HNIs. 

According to PURE EV, it is currently in the final stages of concluding its Series A1 funding round, amounting to $25 million. The firm is also targeting $15 million in Series A2 funding.

Founded by Rohit Vadera, PURE EV offers a diverse range of products in motorcycles and scooters, and claims to have sold over 70,000 vehicles through a network of 140 outlets. The brand has a pan India presence, and is already exporting its products to countries in South Asia. Further, the firm plans to expand into Middle-east and African markets. 

Vadera said that the firm will be rapidly expanding its pan-India sales network from 140 to 300 dealers in the next six months.

Earlier to this round, Pure Ev had raised an undisclosed amount in equity funding from VC Nannapaneni, Chairman and Managing Director of pharmaceutical company NATCO in July 2019.

Over the past few weeks, nearly half a dozen EV-focused startups have announced their new funding round. The list counts OTO, Mufin, Corrit Electric, and Revfin.