In a world moving towards sustainable mobility solutions, PURE EV stands out as a shining example of Indian ingenuity and innovation. Led by its dynamic CEO, Mr. Rohit Vadera, PURE EV has rapidly emerged as one of India’s premier electric two-wheeler manufacturers. This article delves into the company’s background, remarkable growth trajectory, impressive product profile, and its plans for the future.
PURE EV – Company Background
Founded in 2018, PURE EV has swiftly become a leading name in the electric two-wheeler industry. With a presence in India, Nepal, and Bhutan, it’s the only OEM (Original Equipment Manufacturer) offering a comprehensive range of electric scooters and motorcycles. The company operates a state-of-the-art EV and battery manufacturing unit with a monthly production capacity of 5,000 vehicles.
R&D forms the core of PURE EV’s approach, evidenced by their 120+ filed patents. The company boasts a dedicated R&D facility for EV powertrain development and testing. Additionally, PURE EV is committed to building a robust domestic supply chain with in-house manufacturing of various powertrain components.
Currently, PURE EV boasts over 150 outlets across India, having sold 60,000+ electric vehicles. These vehicles have collectively covered over 100+ crore kilometers, securing the company a ~5% market share, particularly in South India. It’s worth mentioning that PURE EV was founded by Dr. Nishanth Dongari and Mr. Rohit Vadera, both with strong engineering backgrounds and a passion for renewable energy.
Growth
PURE EV has ambitious plans for the future. By 2028, the company aims to expand its manufacturing capacity from 60,000 vehicles in 2023 to a staggering 700,000 vehicles. Their focus includes developing common powertrain components, integrating core components, and establishing a robust local supply chain.
Moreover, to solidify its presence across India, PURE EV intends to expand its dealership network to over 2,000 outlets by 2028. This not only underscores their commitment to the domestic market but also their belief in the potential of electric mobility.
Revenue/Product Profile
PURE EV currently offers four electric two-wheelers, including two scooters and two motorcycles. These vehicles are competitively priced, boast efficient powertrains, and feature proven product designs. They cater to the mass market segment, making sustainable mobility accessible to a wider audience.
Financially, PURE EV is on a remarkable trajectory. With a monthly run rate of over INR 12 crores, the company consistently maintains positive EBITDA and PAT levels. Importantly, it has achieved financial efficiency with minimal funding, with the founders holding over 90% stake in the company.
Looking ahead, PURE EV is set to achieve phenomenal growth. It anticipates crossing INR 4,300 crores in revenue by 2028, representing an astonishing CAGR of over 100%.
Fundraise Status
As a testament to its potential, PURE EV is currently in advanced discussions with investors for a fundraise of INR 800-1,000 crores in the coming months. This infusion of capital will undoubtedly fuel the company’s expansion plans and help them realize their vision of transforming India’s electric two-wheeler landscape.
In conclusion, PURE EV, under the leadership of CEO Mr. Rohit Vadera, is a prime example of how Indian innovation is driving the electric mobility revolution. With a strong focus on sustainable solutions, impressive growth plans, and a commitment to quality, PURE EV is poised to play a pivotal role in shaping the future of transportation in India and beyond.
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