[Funding Alert] Ultraviolette Automotive raises Rs 30 Cr Series B investment led by TVS Motor Company
Founders of Ultraviolette Automotive - Narayan and Niraj
announced that it has raised Rs 30 crore by the leading two-wheeler and three-wheeler manufacturer TVS Motor Company, as a part of its ongoing Series B funding. Undisclosed sources within the company added that the round will soon see investment from several other key stakeholders.
Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive Pvt Ltd, said in a press statement,
“We have seen significant advancements in the transportation and mobility industry globally, with an increased demand for personal mobility in recent times. We also see rapid growth in the Indian two-wheeler industry with a special focus on electric vehicles, and it is in this context that we set out to create the F77 – India’s first high-performance motorcycle."
The fundraise was announced soon after the electric vehicle startup unveiled its high-performance motorcycle — F77, the production of which had started in 2017.
Narayan and Niraj
The statement said Ultraviolette had unveiled the pre-production version of the F77 in November 2019, setting new benchmarks in the Indian EV industry. The company is now gearing up towards launching the motorcycle in the market. Narayan added in the press statement,
"We unveiled the motorcycle less than a year ago, and since then, we have achieved significant strides in making the F77 production-ready. We have conducted aggressive track and road tests on the motorcycle, adjusting and modifying the specifications to an all-new level of perfection and have built out a robust technology platform to support an enhanced user experience. TVS Motor Company has always shared our passion for building globally competitive and futuristic mobility solutions, and we are excited about our continued partnership with them.”
The Ultraviolette F77 will first be rolled out next year with expanding national availability planned in phases.
Founded in 2017 by Narayan and Niraj Rajmohan, Ultraviolette Automotive had started by building EVs for the European markets. The startup soon pivoted and focused on the Indian market.
Niraj Rajmohan, Founder and CTO, Ultraviolette Automotive Pvt Ltd, stated in the press release, “The F77 was conceived with a single-minded purpose of creating an identity for electric mobility in India, and TVS Motor Company has been a strategic partner in this journey. Since the unveiling, we have received an overwhelming response from the market for the F77, and we have spent the last few months making critical enhancements both on the design and technology side to make the F77 more efficient, responsive and powerful.
The statement explained that the F77 is high-end technology, and a high performance-oriented motorcycle built with principles used in the aviation industry — right from the advanced engineering simulations, multi-level safety systems to the design identity of the motorcycle. The F77 is a smart and connected electric motorcycle that comes with remote diagnostics over-the-air (OTA) upgrades, regenerative braking, multiple ride modes, bike tracking, ride diagnostics, and a whole lot of other features.
Commenting on the additional investment, Manu Saxena, Vice-President (Future Mobility & Dealer Transformation), TVS Motor Company, said in the press statement, “Ultraviolette Automotive continues to demonstrate excellent engineering and technological capabilities and innovativeness in developing high-performance electric motorcycles. TVS Motor is excited to see the progress and developments made by the UV team and we are confident that these actions will go a long way towards establishing a greener future for India.”