An electric mobility startup, incubated by IIT Hyderabad, PURE EV on Wednesday said it has raised an undisclosed sum in a funding from Natco Pharma chairman and managing director VC Nannapaneni.
The funding came at a time when it was gearing up to expand its manufacturing capacity to 2,000 units per month by October 2019 and enhance R&D capabilities. It has an 18,000-sq ft facility, co-located with IIT Hyderabad.
Talking about his decision to invest in the startup, VC Nannapaneni said, “The vision and zeal of the founders aligned with our vision to promote young entrepreneurs in areas with the highest level of societal impact and value addition to local economy.”
PURE EV CEO Rohit Vadera said the funding will be used to strengthen the comapny’s operations and expand the manufacturing capacity by installing an automated assembly line.
The startup, which recently rolled out four two-wheeler models, is now working on the development of high-speed and long-range scooter and motorcycle, that are set for commercial launch in October 2019 and early 2020, respectively.
It has also been engaged in developing a prototype of HVDC electric truck/bus lithium battery modules and plans to showcase them in 2020 for potential collaborations.
The startup was founded in 2016 by IIT Hyderabad mechanical and aerospace engineering department associate professor Nishanth Dongari and is led by IIT Bombay alumnus Rohit Vadera, aims to deploy over 10,000 EVs on the road in 2019-20.