Pure EV plans a 2025 IPO, aiming to become India’s second public EV company, targeting significant growth despite past losses.
Hyderabad-based electric vehicle (EV) maker Pure EV has set its sight to list itself in the stock market in the next three years. The company was set up by Nishanth Dongari and Rohit Vadera in 2015 and it is popular for electric bikes and scooters such as ePluto 7G MAX, ETRANCE Neo+ and ecoDryft 350.
Financial Performance and Growth
Even though the company has incurred a loss of INR 9.32 Cr, and a sharp decline in the revenues from INR 225.98 Cr in the FY 2022 to INR 131.28 Cr in the FY 2023, yet Pure EV has maintained positive cash flows from operating activities for the last three years without FAME subsidies. It is also operating in an economically profitable manner in the last 2 years and aiming at 20 fold turnover to INR 3,000 Crores within the next four years.
Market Position and Expansion
With this platform, Pure EV has the 7% market share at the RTO level in the EV segment. The company has a large manufacturing facility in Telangana which was in excess of 1 lakh sq ft where it intends to bring out solid state battery technology in FY26 in association with PDSL engineering from the UK. The company has a small market share, it sold 291 electric vehicles in August, which is equal to 0.03 % of the market while OLX electric dominated the market with 34%.
IPO and Future Outlook
Speaking to Bloomberg, the Co-Founder of Pure EV, Rohit Vadera said that the company is ready for an IPO in 2025, and he believes that its determination to go green and to innovate has made Pure EV a market leader in the electric two-wheeler industry. The company is also completing a new $25 Mn Series A1 round which was preceded by an $8 Mn round earlier this year with some big-name backers. If successful, Pure EV will follow more two-wheeler companies such as Ola Electric that went public in August 2023.
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