Pure EV has successfully raised $8 million in its latest funding round to support the expansion of its sales network in India, aiming to increase the number of dealers from 140 to 300 within the next six months.
The funding round was spearheaded by Benett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises, along with existing investors and high-net-worth individuals. Pure EV is in the advanced stages of completing series A1 financing totaling $25 million. Simultaneously, the company is in discussions with potential investors based in Dubai, Hong Kong, and Singapore for Series A2 funding, aiming to achieve a funding goal of $15 million.
The company, involved in the production of electric motorcycles and scooters, has successfully distributed more than 70,000 vehicles through a nationwide network comprising over 140 outlets. It also exports its products to South Asian nations and has intentions to broaden its market presence to Middle East and Africa.
