Pure EV, an electric two-wheeler firm based in Hyderabad, announced on Monday that it has raised $8 million (approximately Rs 66 crore) in funding from a group of investors. The funding round was led by Bennett Coleman and Company Ltd and Hindustan Times Media Ventures, along with Ushodaya Enterprises Pvt Ltd, existing investors, and high net-worth individuals, according to a statement released by Pure EV.
The company also disclosed that it is currently in the final stage of concluding its Series A1 funding round, which is worth $25 million and includes the participation of a foreign institutional investor. Additionally, it stated that it is in talks with potential investors from Dubai, Hong Kong, and Singapore for Series A2 funding, which aims to raise $15 million.
Pure EV Co-founder and CEO Rohit Vadera emphasized that the company plans to rapidly expand its sales network from 140 to 300 dealers across India within the next six months. The company sells a variety of electric motorcycles and scooters and has already sold over 70,000 units.
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