New Delhi, July 11: PURE EV, the Indian Institute of Technology (IIT) Hyderabad-incubated startup has raised venture capital funding from Shri V.C. Nannapaneni, who is a Hyderabad-based pharmaceuticals visionary.
Range of scooter and motorcycle to be launched in 2019, 20
The company has already planned for the expansion of its manufacturing capacity and R&D initiatives, and the funding is made available at a favorable time. The focus is on the development of high-speed and long-range Scooter and Motorcycle, which will be commercially launched in October 2019 and early 2020 respectively.
Company to hike manufacturing capacity
A prototype of HVDC electric truck/bus lithium battery modules is also being developed by PRUR EV. It will be showcasing them in 2020 for potential collaborations. By October 2019, the startup intends to increase its EV manufacturing capacity to 2000 units per month
“PURE EV is a true testimony of how IIT Hyderabad is translating academic activities into mass-scale commercial products through the support of the incubation centre. Co-location of PURE EV factory with IIT Hyderabad campus will open up new R&D collaborations with various faculty members and indeed it is analogous to how startup industries emerged around Stanford University. I wish the company to become one of the leading players in the country in the space of Lithium battery and electric mobility,” Prof U.B. Desai, Founding Director, IIT Hyderabad, has been quoted as saying to a national daily highlighting the journey of this startup.
Dr. Nishanth Dongari, Associate Professor, Department of Mechanical and Aerospace Engineering, IIT Hyderabad, founded the company in 2016. It is led by Mr. Rohit Vadera, who is an alumnus of IIT Bombay. The collaboration of R&D laboratories of IIT Hyderabad (for providing strong technical support) and the startup will continue.
“The vision and the zeal of the founders has been noteworthy and aligned with our vision to promote young entrepreneurs in areas with the highest level of societal impact and value addition to the local economy. The nurture and support of IIT Hyderabad in helping them grow to their current stature is highly appreciative. We hope they are able to succeed in their vision to promote usage of electric vehicles amongst the masses,” Mr. V.C. Nannapaneni told a news daily while talking about his reasons to invest in PURE EV.