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PURE EV Secures $8 Million In Funding, Nears Completion Of $25 Million Round

OutlookIndia

OutlookIndia · 1y ago

PURE EV Secures $8 Million In Funding, Nears Completion Of $25 Million Round

Indian electric vehicle (EV) manufacturer PURE EV has raised $8m in funding from investors including Bennett Coleman and Company Limited and Hindustan Times Media Ventures. The Hyderabad-based firm is also in talks with potential investors in Dubai, Hong Kong and Singapore for an additional $15m in funding. PURE EV, which produces 2-wheeler EVs and battery packs, plans to expand its sales network in India from 140 to 300 dealers in the next six months. The company has already sold over 70,000 vehicles and is looking to enter Middle Eastern and African markets.

Related News

Pure EV raises $8 million in funding

Economic Times

Economic Times · 1y ago

Pure EV raises $8 million in funding

Indian electric two-wheeler company, Pure EV, has raised $8 million in funding from investors including Bennett Coleman and Company Ltd and Hindustan Times Media Ventures. The company is also in the process of finalizing a Series A1 funding round of $25 million, with ongoing discussions for a Series A2 funding amounting to $15 million with potential investors from Dubai, Hong Kong, and Singapore. Pure EV plans to expand its sales network from 140 to 300 dealers in the next six months.

Pure EV, three others raise early-stage funding

VCCircle

VCCircle · 1y ago

Pure EV, three others raise early-stage funding

Pure EV, QuiD, Basil, and Beyoung have successfully raised early-stage funding. Pure EV, an electric vehicle maker, received $8 million in funding, with plans to close its Series A1 round at $25 million. QuiD, a fintech startup, secured $602,443 for technological improvements and client engagement. Basil, a consumer brand, raised $433,758 to expand its product portfolio and reach. Lastly, Beyoung, a fashion brand, received undisclosed funding to expand its offline and online presence globally, with support from the Royal Office of Sheikh Tahnoon Bin Saeed Bin Tahnoon Al Nahyan.

From Rentmojo To Yulu – Indian Startups Raised $110 Mn This Week

Inc42 · 1y ago

From Rentmojo To Yulu – Indian Startups Raised $110 Mn This Week

Investment activity in the Indian startup ecosystem remained slow in the third week of February. Startups collectively raised $110.4 million across 15 deals, a 12% decrease from the previous week. Seed funding also decreased to $4.1 million across five deals. Cleantech and fintech sectors received the highest number of deals, with cleantech securing $35.9 million and fintech obtaining $11.2 million. Some notable funding rounds included EV startups Yulu and Pure EV raising $19.25 million and $8 million respectively. Additionally, online furniture rental startup Rentomojo raised $25 million in its Series D funding round.

Hyderabad's EV startup PURE EV raises $8M led by BCCL, Hindustan Times, others

IndianStartupNews

IndianStartupNews · 1y ago

Hyderabad's EV startup PURE EV raises $8M led by BCCL, Hindustan Times, others

Hyderabad-based electric vehicle manufacturer PURE EV has secured $8 million in funding led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, and Ushodaya Enterprises Private Limited. The funding will support the company's expansion and innovation in the electric vehicle sector. PURE EV is also in discussions with potential investors for an additional $15 million in funding. The company plans to double its sales network and has introduced new electric motorcycles and an e-scooter with a range of over 200 kilometers. PURE EV aims to expand into the Middle East and African markets.

ETtech Deals Digest: Funding for startups falls 32% to $83 million this week

Economic Times

Economic Times · 1y ago

ETtech Deals Digest: Funding for startups falls 32% to $83 million this week

In the penultimate week of February 2024, startup funding decreased by 32% compared to the same period in 2023, amounting to $83 million across 20 deals. Most of the funding, $52.8 million, was raised in the early-stage, followed by $25 million in the late-stage. Funding decreased by 42% sequentially and averaged at around $4 million per deal. Notable funding deals include Rentomojo raising $25 million, Yulu raising $19.25 million, and Vidyut raising $10 million. Varaha and Pure also secured funding amounts of $8.7 million and $8 million, respectively.

EV maker Corrit Electric secures funding in angel round

VCCircle

VCCircle · 1y ago

EV maker Corrit Electric secures funding in angel round

Corrit Electric, an EV manufacturing company, has raised $602,445 in an angel funding round led by Porush Jain, co-founder of Sportskeeda. The investment will support the expansion of operations and enhance research and development initiatives. Corrit Electric plans to put its delivery electric bike, Transit, into production within the next 3-6 months. The company aims to be present in 25 cities in the next 6 months and had previously raised $9 million in a Series A funding round. The electric bike manufacturing sector has seen significant investments in recent years, with companies like Ola Electric and Ather Energy securing substantial funding.

Byondnxt secures fresh funding, Zomato stake reduced to 6%

Entrackr

Entrackr · 9m ago

Byondnxt secures fresh funding, Zomato stake reduced to 6%

Byondnxt, which operates the kitchen appliances brand Beyond Appliances, has secured additional funding from a group of new investors. Zomato, which recently acquired an 8% stake in the Bengaluru-based startup, did not participate in this latest funding round. In a stock exchange filing on Sunday, Zomato said that the fundraising was completed on November 30, and the Deepinder Goyal-led company’s shareholding in Byondnxt reduced to 6% on a fully diluted basis. In October, Zomato acquired an 8% stake in Byondnxt for about Rs 6,000. Byondnxt, founded by Eshwar Vikas, who also founded Mukunda Foods, is a direct-to-consumer (D2C) brand specializing in the design and manufacturing of kitchen appliances. In March 2022, Zomato invested $5 million to acquire a 16.66% stake in Mukunda Foods, a company that supplies smart kitchen equipment to business-to-business (B2B) clients. Rakesh Patil is the other co-founder and chief technology officer (CTO) of Beyond Appliances. This is the second funding round for a Zomato-backed company in the past three months. In September, adtech startup AdOnMo raised $25 million in a funding round led by the Singapore-based venture capital (VC) firm Rigel Capital and Indonesia-based Sinar Mas. Meanwhile, Zomato chief Goyal also incorporated a new venture named Continue, which will focus on health tracking and mental wellness. Zomato Limited recently raised Rs 8,500 crore (around $1 billion) through a Qualified Institutions Placement (QIP) of equity shares.

Grow Indigo secures $8 Mn funding to drive sustainable agriculture

Inc42 · 1y ago

Grow Indigo secures $8 Mn funding to drive sustainable agriculture

Agritech startup Grow Indigo has raised $8 million in a strategic funding round, led by stakeholders Indigo Ag and Mahyco. The funds will be used to drive the future of sustainable agriculture. Grow Indigo operates an agri-marketplace and offers carbon farming solutions, catering to over 10 million farmers and 100,000 retailers and farmer producer organisations. The company aims to scale its carbon farming programme to cover 3.5 million acres in the next two years. This funding round follows a previous investment of $6 million in December 2022.

Ascend Elements, Elemental Strategic Metals form European EV battery recycling venture

Reuters · 1y ago

Ascend Elements, Elemental Strategic Metals form European EV battery recycling venture

U.S. company Ascend Elements and Poland's Elemental Strategic Metals have partnered to establish a joint venture called AE Elemental, aiming to recycle electric vehicle (EV) batteries. The companies have already opened a plant in Poland, with plans to build another facility in Germany. The joint venture is seeking European Union and local government funding to support the investments. The move aligns with the EU's requirement for increased recycling of materials in EV batteries. Ascend Elements has also raised substantial funding for EV battery production, while Elemental Strategic Metals is nearing completion of another funding round.

From BluSmart To Grow Indigo — Indian Startups Raised $48 Mn This Week

Inc42 · 1y ago

From BluSmart To Grow Indigo — Indian Startups Raised $48 Mn This Week

Indian startups faced a 72% drop in funding, securing $48 million across eight deals in the week ending February 3. This decline followed the interim budget week, with funding activity decreasing both in terms of value and volume. EV startup BluSmart led the funding with $25 million from responsAbility Investments AG. Cleantech emerged as the most funded sector, raising $36 million across three deals. Edtech giant BYJU’S initiated rights issues procedures to raise $200 million at a $225 million valuation, while dairy tech startup Stellapps is reportedly in talks with existing investors for a $20 million Series C funding round.

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