PURE EV Registers 4X Growth in Sales Revenue YoY
Hyderabad: PURE EV has quadrupled its financial year turnover as per the audited financials for FY22 filed with MCA and ending the year with PAT positive growth. Company is one of the fastest growing EV2W brands in the country today. The Company recently launched its first performance electric motorcycle - ETRYST 350, representing its major leap in the rising Indian Electric Vehicles (EVs) sector.
The Company is targeting a further 4X growth in the coming two fiscal years and crossing annual turnover of 1000 Cr, through a combination of network expansion, addition of new products to its portfolio and entering into new export markets.
The Company has established a 1,00,000 sqft factory in Telangana comprising vehicle and battery manufacturing divisions, and is currently employing over 700 manpower. The Company is further in the process of expansion to 2,00,000 sqft facility with annual vehicle production capacity of 120,000 units and annual battery production capacity of 0.5 GWh, which will be ready by end of FY 23 and employee strength of over 1000.
Highlighting the key reasons for the growth of the brand, Mr Rohit Vadera, Chief Executive Officer, PURE EV, said, “We have kept a consistent focus on offering the best product to the consumer at an affordable price point. The entire battery-powertrain design and development is done inhouse enabling significant cost advantages apart from a keen focus on operational excellence at all levels. The credit goes to all the stakeholders including our business partners, suppliers, staff, investors and most importantly the end customers who reposed their faith in our brand.”
The Company is aggressively expanding deeper geographical penetration and targeting addition of 100 new premium outlets before the end of the Fiscal year to its network. The Company is already exporting to and has a leadership position in the EV2W segments in neighbouring countries Nepal and Bhutan. The Company is further targeting to bring in at least 20% of revenue share through expansion to export markets in Africa and SouthEast Asia. PURE EV’s plans further expansion into other international markets having predominantly two wheeler mode of transportation for personal mobility. Additionally the company is also looking for good distribution partners for other markets who can create an efficient channel network for the vehicle sales and service in the target markets.
Highlighting the importance of sales and service network, he added, “PURE EV has over 125 premium Dealership outlets network across pan India offering customers a gratifying purchase experience. Our showrooms are premium sales cum experience centers offering customers a unique purchase experience. Through an industry leading practice of setting up state-of-the-art workshops with all the necessary equipment, we are ensuring one of the best after-sales-service experiences for our esteemed customers thereby enabling a healthy support ecosystem over the entire vehicle lifecycle.”
Further elaborating on the Company’s key strengths, he added, “PURE EV is making continuous investment in the R&D through ramp up of core powertrain team working on battery, motor, controller, chargers and working extensively for continuous improvements in the components design life and field reliability through our research center. PURE EV has made significant investments towards better after-sales service infrastructure through adequate manpower training and other services. We continue the journey towards becoming one of the most trustworthy EV brands in the country.”