ICRA Applauds PURE EV For Maintaining BB+ Credit Ratings
Amid highlighting a positive long-term demand outlook for electric two wheeler (e2W), ICRA applauds PURE Ev for maintaining its BB+ (stable) ratings and for standing out among its peers in the industry.
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.
Years worth round-the -clock performance and a commitment to financial discipline paid off for the leading next-generation EV2W company.
Vadera adds, “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”.
The company was also credited for its in-house technologies, especially in powertrain and battery management systems for improving its operational profile without the need for FAME subsidies.
“Notably, we have maintained a positive EBITDA for the past three years since our inception, all while remaining neutral to the subsidy policies”, Vadera noted.
The mix of both technology and business is a promise to aid PURE EV scale up its operations and improve its financial profile as well.
PURE EV is also nearing to conclude Series A1 funding of $ 25 million from institutional investors, which it had raised $ 8 million from Bridge funding.
Its future plans involves expansion of its dealership network and launching of new products at competitive prices.
“We have multiple tailwinds in our favour at the moment and are looking at exponential growth in the next 6 months”, said Vadera.