Exclusive: Pure EV Gears Up For IPO, Converts Into Public Company

SUMMARY

The startup’s board passed a special resolution in September 2024 to change the status of its parent, PuR Energy, from private to public

In September last year, Pure EV said in a statement that it is eyeing an IPO in 2025

This comes amid the new-age tech IPO boom in the country, which resulted in 13 such companies going public last year

Taking a step towards its initial public offering, electric vehicle manufacturer Pure EV has converted into a public company.

The Hyderabad-based startup’s board passed a special resolution in September last year to change the status of its parent, PuR Energy, from private to public.

Following the board’s approval, the Hyderabad-based EV maker changed its name to PuR Energy Ltd from PuR Energy Pvt Ltd earlier, as per its regulatory filings accessed by Inc42.

The conversion of a private entity to a public entity is a requisite process for companies intending to be listed on the stock exchange.

The conversion took place in the same month when the startup said in a statement that it plans to go for its IPO in 2025.

Commenting on the IPO plans, Pure EV cofounder Rohit Vadera said then, “As we embark on our journey towards a significant IPO in 2025, we are excited to continue driving the electric revolution in India. Our commitment to innovation and sustainability has positioned PURE EV as a leader in the electric two-wheeler market.”

Launched in 2015 by Nishanth Dongari and Vadera, Pure EV manufactures electric bikes and scooters – eePluto 7G MAX, ETRANCE Neo+, ePluto 7G, ecoDryft 350 and 3TrystX.

It has an EV and battery manufacturing unit exceeding 1 Lakh sq ft in Telangana. Through this, the startup is also looking to launch solid-state battery technology in FY26 with UK-based engineering firm PDSL.

In February last year, Pure EV raised $8 Mn (about INR 66.3 Cr) in a funding round led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, along with participation from Ushodaya Enterprises Private Limited and existing investors and HNIs.

The startup competes with the likes of Bhavish Aggarwal-led Ola Electric, Hero MotoCorp-backed Ather Energy, legacy two-wheeler makers Bajaj Auto and TVS Motor, among others.

Last month, Pure EV’s vehicle registrations declined 9% month-on-month to 1,507 units, as per Vahan data.

The startup’s transition to a public company comes at a time when rivals Ather Energy and Greaves Electric Mobility are also gearing up for a public listing amid a boom in new-age tech IPOs in the country.

SEBI greenlit Ather’s INR 3,100 CR IPO in December 2024. In the same month, Greaves filed its draft red herring prospectus (DRHP) with the markets regulator for INR 1,000 Cr+ IPO.

Ola Electric’s INR 6,145 Cr+ IPO was one of the largest in 2024. In fact, 13 new-age tech companies made their debut on Dalal Street last year and raised a record INR 29,070 Cr via their respective IPOs.

The startup IPO mania is expected to continue this year, with more than 20 new-age tech companies, including the likes of BlueStone, Zepto, OfBusiness, Captain Fresh, boAt, Zappfresh, among others, looking to go public in 2025.

The likes of PhonePe, Razorpay, Lenskart, Fractal, Infra.Market are also stitching up plans for their IPOs.