APN News

ICRA Reaffirms PURE EV’s BB+ Credit Rating for Long-term

 New Delhi : PURE EV has maintained its BB+ (stable) ratings from the well-known rating agency ICRA. This is attributed to the company’s consistent performance over the years and its commitment to financial discipline. With this reaffirmed rating, PURE EV stands out from its start-up peers in the EV 2W industry.

ICRA highlights a positive long-term demand outlook for electric two-wheelers (e2W) in the country. PURE has been commended for its in-house technology, particularly in powertrain and battery management systems, which enhances its operational profile and for not being dependent on FAME subsidies. This technological and business advantage is expected to contribute significantly to PURE’s scaling up of operations and improvement in its financial profile.

Having already raised $8 million in the recent Bridge funding, PURE is in final stages to close Series A1 funding of $25mn from institutional investors. Going forward, the company plans to expand its dealership network and launch new products at competitive prices.

Rohit Vadera, CEO, PURE EV said. “As a company we are extremely happy to maintain our long term rating of BB+ (Stable) amidst the dynamic challenges of the industry, including susceptibility to supply-chain disruptions, predatory discount pricing, and broad economic policies.  Throughout the years, our company has demonstrated a commitment to using capital efficiently, constructing a robust financial model that positions us to challenge industry incumbents. Notably, we have maintained a positive EBITDA for the past three years since our inception, all while remaining neutral to the subsidy policies. We have multiple tailwinds in our favour at the moment and are looking at exponential growth in the next 6 months.”

PURE EV stands as a leading manufacturer of 2-Wheeler Electric Vehicles, headquartered in Hyderabad, India. With a mission to transform electric mobility and enhance transportation affordability, PURE EV leverages its robust R&D capabilities to produce battery packs and vehicles in-house, boasting a portfolio of 120+ IP filings.

The company offers a diverse range of products in motorcycles and scooters, and has successfully sold over 70,000 vehicles through a network of 140+ outlets. The company has a pan India presence, and is already exporting its products to countries in South Asia. Further, the company plans to expand into Middle-east and African markets.

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