[Funding alert] Ultraviolette Automotive raises from GoFrugal Technologies as part of ongoing Series B round
Bengaluru-based startupon Monday announced that it has raised an undisclosed amount as part of its ongoing Series B round led by Kumar Vembu, CEO of GoFrugal Technologies.
Vembu, who was an early investor in the company during the Series A funding round, has joined this round of investment along with TVS Motors to support Ultraviolette Automotive’s vision of transforming the future of electric mobility in the country.
Earlier in September 2020, Ultraviolette Automotive 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.
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.
Commenting about the investment Kumar Vembu, CEO, GoFrugal Technologies said,
“As the country moves towards smarter and sustainable transportation solutions, Ultraviolette Automotive is playing a distinct role in shaping the perception of electric vehicles, and consequently driving its adoption in India. The F77 is an evocative and compelling mobility alternative for consumers in India and since the unveiling, the company has made significant progress towards launching the motorcycle in the market.”
Ultraviolette Automotive says its maiden mobility solution – the F77, is an inherently powerful, efficient and intelligent vehicle that is integrated with revolutionary design and technology. The pre-production version of the F77 was unveiled less than a year ago, and the company is now gearing up towards launching the motorcycle in the market.
Speaking about the new development, Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive Pvt Ltd, said,
“At Ultraviolette Automotive, our ambition has always been to create a visible and tangible impact in the personal mobility industry, by developing products and solutions that are indigenously built, technologically disruptive and that reflects the unlimited potential for innovation across every aspect of design engineering."
"Our goal is to help influence our country and in due course of time, the world towards a smarter and more energy efficient future and we will continue to push our boundaries on this front. Kumar Vembu’s investment comes at a great time as we work towards launching our motorcycle in the market and we look forward to a long-term association with him,” added Narayan.