Chairman and Managing Director, in his capacity, has invested an undisclosed amount in electric vehicle startup named Pure E.V.
The Indian Institute of Technology Hyderabad-incubated startup plans to expand its research & manufacturing capacity along with various development initiatives internally.
In an announcement on the investment by Mr Nannapaneni stated that development of high-speed and long-range scooter and motorcycled got scheduled for launch in October 2019 and early 2020.
Sources said the Natco Pharma founder had invested in his capacity at a value of over 35 million dollars.
Mr Nannapaneni said that the vision and the
zeal behind Pure E.V. founders are noteworthy and aligned with their vision to
promote young entrepreneurs at the highest level of a societal impact besides
adding value to the economy.
Pure E.V. also working on the development of a prototype for HVDC electric truck or bus with lithium battery modules and intends to showcase them in the year 2020 for likely collaborations. It’s now looking to ramp up its E.V. manufacturing capacity to 2,000 units per month by October 2019.
The company founded in 2016 by Nishanth Dongaari, Associate Professor in Department of Mechanical & Aerospace Engineering at IIT-H, and led by Rohit Vadera, an alumnus of IIT Bombay.
Pure E.V. targets to bring 10,000 EVs on road
Pure E.V., which has launched four two-wheeler models, aims to deploy over 10,000 EVs on the way during 2019- 2020. With18,000-sq ft state-of-the-art facility, co-located with IIT-H for R&D and large scale production of E.V.s and electric batteries.
Mr Vadera said the funding primarily utilised for expanding the manufacturing capacity by the automated assembly line installation of an and strengthening of the company operations.