Pure EV Aims To Become India’s Second Listed EV Manufacturer, Targets IPO Next Year

Aiming to become the second electric vehicle (EV) maker to go public in India, Pure EV has announced its plans for an initial public offering (IPO) in 2025. 

The Hyderabad based EV maker claimed in a statement that it has been operationally profitable for the past two years and is expecting a turnover growth of 20X to INR 3,000 Cr in the next four years. 

Further, it claims to have maintained positive cash flows without dependence on FAME subsidies over the past three years. Pertinent to note that the startup was a loss making entity as per their last financial disclosure for financial year 2022-23 (FY23).

For FY23, its revenue from operations stood at INR  131.28 Cr, down about 42% from the INR 225.98 Cr it made in FY22. Further, it reported a loss of INR  9.32 Cr in the fiscal. 

Launched in 2015 by Nishanth Dongari and Rohit Vadera, the startup manufactures electric bikes and scoots namely eePluto 7G MAX, ETRANCE Neo+, ePluto 7G, ecoDryft 350 and 3TrystX. With its offerings, the startup claims to currently command 7% market share at the regional transport office (RTO) level in the EV segment.

Besides, it also has set up an EV and battery manufacturing unit exceeding 1 Lakh sq ft in Telangana. Through this, the startup is looking to launch solid state battery technology in FY26 with UK-based engineering firm PDSL.

On the company’s IPO plans, Vadera said, “As we embark on our journey towards a significant IPO in 2025, we are excited to continue driving the electric revolution in India. Our commitment to innovation and sustainability has positioned PURE EV as a leader in the electric two-wheeler market.”

The company’s disclosure about its public market debut comes at a time when it is in the final stages of concluding its Series A1 funding round at $25 Mn. Earlier in February, it said that it has raised $8 Mn in a funding led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, among others. 

In India’s growing EV space, Pure EV competes with market leader Ola Electric, which held about 34% of India’s market in terms of sales in August. Meanwhile, Pure EV sold only 291 vehicles in the month, commanding 0.3% of the market as per Vahan data.

If its IPO plans materialise, the startup will follow market leader Ola Electric in the race towards the bourses. Ola Electric got listed earlier on August 9 with an issue price of Rs 76 per share. Since then, the startup’s share prices have zoomed more than 50% to INR 114.75 on the BSE, as of 3:23 PM on September 2.

[Note: The story was edited to change the IPO size of the company. The company hasn’t revealed plans for the amount it intends to raise via the IPO.]