PURE EV secures $8 million in funding with Bennett Coleman and other investors leading the investment round.

PURE EV, an electric vehicle manufacturer based in Hyderabad, has secured $8 million in funding from various investors, including Bennett Coleman and Company Limited, Hindustan Times Media Ventures, and Ushodaya Enterprises Private Limited, as well as existing investors and high-net-worth individuals. This investment marks the first stage of their Series A1 funding round, with plans to raise a total of $25 million in this round, followed by an additional $15 million in Series A2 funding.

Founded by Rohit Vadera, PURE EV specializes in electric motorcycles and scooters, boasting sales of over 70,000 vehicles through a network of 140 outlets across India. The company has a strong presence nationwide and is expanding its reach to international markets in South Asia, with further plans for expansion into the Middle East and Africa. Vadera has stated that PURE EV aims to increase its sales network from 140 to 300 dealers within the next six months.

Prior to this funding round, PURE EV received an undisclosed amount of equity funding from VC Nannapaneni, Chairman and Managing Director of NATCO Pharmaceuticals, in July 2019. The recent influx of funding comes amidst a growing trend of investments in EV-focused startups, with several others such as OTO, Mufin, Corrit Electric, and Revfin also announcing new funding rounds in recent weeks.