Bengaluru: Indian Institute of Technology, Hyderabad-incubated start-up Pure EV, which manufactures e-bikes and lithium batteries, on Wednesday said it has raised an undisclosed amount of funding from V.C.Nannapaneni, chairman and managing director Natco Pharma.
Nannapaneni invested in the company in his personal capacity, in a round that values the start-up at $35 million, it said in a statement.
The funding for the start-up comes at a time when it plans to expand its manufacturing capacity and research and development (R&D) initiatives. It is working developing high-speed and long-range scooters and motorcycles, which are scheduled for commercial launch in October 2019 and early 2020, respectively, it said.
The start-up has also been developing a prototype of HVDC (high-voltage, direct current) electric truck/bus lithium battery modules and intends to showcase them in 2020 for potential collaborations. A ramp up of its EV manufacturing capacity to 2000 units per month by October 2019 is also on the cards.
“We have been actively building up strategic sales partnerships at state and regional levels in India. Being a battery manufacturing company, we can offer not only the best possible service conditions on lithium ion batteries but also can explore battery swapping solutions being jointly offered with our partners for faster adoption of EVs," said Rohit Vadera, chief executive officer Pure EV.
Vadera and Dr. Nishanth Dongari had founded Pure EV in 2016.