Pure EV, which wants to be the second electric vehicle (EV) manufacturer in India to go public, has revealed that it will hold an IPO in 2025.
The electric vehicle manufacturer, situated in Hyderabad, declared in a statement that it has achieved operational profitability for the last two years and projects a 20-fold increase in turnover, reaching INR 3,000 Cr over the next four years.
It further says that during the previous three years, it has been able to maintain positive cash flows without relying on FAME subsidies. It is noteworthy to mention that the startup has not submitted its financial statements to the MCA since the fiscal year 2021–2022 (FY22).
Its operational revenue for FY22 was INR 225.98 Cr, a 246% increase over FY21’s INR 65.14 Cr. Additionally, it declared a fiscal year profit after tax (PAT) of INR 3.23 Cr.
The company, which was founded in 2015 by Nishanth Dongari and Rohit Vadera, makes electric scooters and bikes, including the eePluto 7G MAX, eTRANCE Neo+, ePluto 7G, ecoDryft 350, and 3TrystX. According to the firm, its products presently hold a 7% market share in the EV segment at the regional transport office (RTO) level.
Additionally, in Telangana, it has established an EV and battery production facility spanning over one lakh square feet. With the help of UK-based technical firm PDSL, the venture hopes to introduce solid state battery technology in FY26.
Regarding the company’s plans for an initial public offering (IPO), Vadera stated, “We are thrilled to keep leading the electric revolution in India as we set out on our journey towards a major IPO in 2025. With our dedication to sustainability and innovation, PURE EV has established itself as a global leader for electric two-wheelers.
Pure EV faces competition from market leader Ola Electric, which accounted for over 34% of India’s EV sales in August, in the country’s expanding EV sector. However, according to Vahan data, Pure EV only sold 291 cars in the month, accounting for 0.3% of the market.
The business will behind market leader Ola Electric in the sprint to the bourses if its IPO intentions come to pass. On August 9, Ola Electric went public with an initial public offering price of Rs 76 per share. Since then, as of 3:23 PM on September 2, the startup’s shares have increased by more than 50% to INR 114.75 on the BSE.
