Electric two-wheeler maker Pure EV raises USD 8 million from investors including Bennett Coleman and Company Ltd. The funding will fuel expansion plans, including a wider dealer network.
Photograph: Anushree Fadnavis/Reuters
New Delhi, Feb 19 (PTI) Electric two-wheeler firm Pure EV on Monday said it has raised USD 8 million (around Rs 66 crore) from a consortium of investors.
The funding was led by Bennett Coleman and Company Ltd, Hindustan Times Media Ventures, alongside Ushodaya Enterprises Pvt Ltd, existing investors and high net-worth individuals, Pure EV said in a statement.
The Hyderabad-based company said it is currently in the final stage of concluding its Series A1 funding round, amounting to USD 25 million with the participation of a foreign institutional investor.
Concurrently, ongoing discussions are taking place with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, targeting an infusion of USD 15 million, it added.
"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 sells a range of electric motorcycles and scooters and has already sold over 70,000 units.
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