PURE EV plans to raise Rs 400 crore through a combination of equity and debt to fuel its expansion.  It will be funded with 70 percent equity and 30 percent debt, with the promoters holding an 85 percent stake.

The funds will support the creation of a new greenfield factory and the expansion of its dealership network, with the aim to increase both domestic and export volumes over the next three years.

Currently, PURE EV operates a 50,000-unit annual production facility in Telangana. The company has identified four potential states - Telangana, Andhra Pradesh, Tamil Nadu, and Karnataka, for a new 35-acre factory, which will be developed in two phases.

To date, the company has raised Rs 250 crore, comprising Rs 170 crore in equity and Rs 80 crore through bank financing.

"The first phase will boost production capacity to two lakh units, eventually scaling up to five lakh units within five years," Founder & Managing Director, Nishanth Dongari said.