Pure EV to set up new facility in Telangana

IIT Hyderabad incubatee is planning to raise Rs 200 crore in next 6-12 months

Hyderabad: Pure EV, an electric vehicle arm of PuREnergy, incubated at IIT Hyderabad, will be setting up a new manufacturing facility to make e-scooters and other future products under development. The company expects to acquire the land within next six months and construction will begin in the second half of 2021.

Speaking to Telangana Today, Rohit Vadera, co-founder, Pure EV, said, “We are evaluating different locations in and around Hyderabad including industrial parks. We are deeply engaged in conversation with the Industries Department of Telangana government and finding out what possible incentives we can get as part of the recently announced EV policy. The land is yet to be finalised.”

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The company currently operates a factory besides IIT Hyderabad and a R&D facility on the campus. The manufacturing unit has a capacity to make 2,000 e-scooters per month. There is a possibility to enhance the existing capacity in the next 3-6 months. The company is making batteries with imported cells.

He added, “We are planning to raise Rs 200 crore in the next 6-12 months, which will largely go into manufacturing while funds will also be utilised for R&D, battery manufacturing and getting advanced machinery.”

Pure EV raised funding at a valuation of $35 million (Rs 250 crore) a few months ago and also launched its electric scooter ‘ETrance+’ (priced at Rs 56,999) in August. The company launched its EPluto 7G (priced at Rs 79,999) in February 2020.

The company currently has over 100 touch points across India with plans to expand to 200 dealers by March 2021. The company’s products made in Hyderabad are being sold in places as far as Srinagar and Arunachal Pradesh. Exports have begun to Nepal and there are also opportunities in Bangladesh, Sri Lanka and South East Asian countries. While the company is seeing traction in personal mobility space, there is also demand in the e-commerce segment for delivery fleet.

Vadera said, “We are also looking at expanding our product portfolio and we will soon come out with an electric motor cycle. We are a R&D-driven company and our team is working on a variety of aspects such as thermal management system, vibration analysis, range improvement, power-train capability and battery life-cycle. Our R&D budget and output is much larger than several large companies in the segment.”

The company was founded in 2016 by Dr Nishanth Dongari, associate professor, Department of Mechanical and Aerospace Engineering, IIT Hyderabad, and is led by Rohit Vadera, an alumnus of IIT Bombay.

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