Key Highlights:
- Pure EV plans IPO for 2025 to become India’s second listed EV manufacturer.
- The company forecasts a 20x revenue increase to INR 3,000 crore by 2029.
- Pure EV has maintained positive cash flows without relying on FAME subsidies.
- Solid-state battery technology expected in FY26 in collaboration with UK-based PDSL.
Pure EV to Launch IPO in 2025
Pure EV has announced plans to launch an initial public offering (IPO) in 2025. The Hyderabad-based electric vehicle (EV) manufacturer aims to become the second EV company in India to go public. This move comes as the company nears the completion of its $25 million Series A1 investment round.
Operational Performance and Financial Growth
The company has been operationally profitable for the past two years. Pure EV expects its revenue to grow 20 times to INR 3,000 crore over the next four years. Despite its profitable operations, the company reported a loss of INR 9.32 crore for the fiscal year 2022-23. Revenue from operations for FY23 was INR 131.28 crore, a 42% decline from the previous year.
Sustained Growth Without FAME Subsidies
For the past three years, Pure EV has maintained positive cash flows without relying on FAME subsidies. This financial discipline highlights the company’s ability to sustain growth independently, a significant achievement in the competitive EV market.
Founded in 2015 by Nishanth Dongari and Rohit Vadera, Pure EV manufactures electric bikes and scooters, including models like the ePluto 7G MAX, ETRANCE Neo+, and ecoDryft 350. The company claims to hold a 7% market share at the regional transport office (RTO) level.
Expansion and Innovation Plans
Pure EV has established a 1 lakh square feet EV and battery manufacturing facility in Telangana. The company plans to introduce solid-state battery technology by FY26 in collaboration with UK-based engineering firm PDSL. This innovation is expected to further strengthen its position in the EV market.
IPO Announcement and Future Vision
Co-founder Rohit Vadera expressed excitement about the IPO plans, stating, “As we embark on our journey towards a significant IPO in 2025, we are excited to continue driving the electric revolution in India. Our dedication to innovation and sustainability has established PURE EV as an industry leader in the electric two-wheeler category.”
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Recent Funding and Investment Rounds
The IPO announcement coincides with the nearing completion of Pure EV’s $25 million Series A1 investment round. Earlier in February, the company raised $8 million, with investments led by Bennett Coleman and Company Limited and Hindustan Times Media Ventures.
ELCTRIK Speaks
Pure EV’s announcement of its 2025 IPO marks a significant milestone in its growth journey. With a strong focus on innovation, financial discipline, and strategic expansion, the company is well-positioned to become a key player in India’s rapidly evolving EV market. As it prepares for its public market debut, Pure EV’s commitment to driving the electric revolution underscores its potential to lead in the electric two-wheeler segment.
