EV startup Ultraviolette raises funding from European investor EXOR Capital

Bengaluru based two-wheeler startup Ultraviolette Automotive Pvt Ltd has raised capital from a fund managed by EXOR Capital.

The investment is part of an ongoing Series D round of funding, with EXOR Capital as the lead investor. With this investment, the fund now joins the cap table along with TVS Motor, Zoho Corporation, GoFrugal Technologies, and Speciale Invest.

While Ultraviolette is primed to launch its flagship EV bike Ultraviolette F77 in India, this investment from EXOR will be utilised towards expansion of the company’s presence across India, ramping up sales of the F77 in the country, and subsequent expansion in international markets, including trials, certifications, and sales.

Narayan Subramaniam, Co-founder and CEO, Ultraviolette, said in a press release, “We are thrilled to have EXOR Capital as our investor and believe we have found the perfect partner, given its multi-generational, entrepreneurial experience of working with some of the world’s most admired and loved brands. With this investment, we now have a diversified group of prominent Indian and international institutional investors backing us in our journey and vision of shaping a new era of mobility not just in India but in global markets as well.”

Niraj Rajmohan, Co-Founder and CTO, Ultraviolette, said, “The investment from EXOR is a testament to our uncompromising ambition to redefine the future of mobility. We see perfect synergies and uniquely exciting opportunities of working together with EXOR. We believe that their expertise in working with brands like Ferrari and Stellantis and building great companies will be integral in carving a distinct identity for Ultraviolette and the F77 across the world.”

Since the unveiling of the F77, Ultraviolette has made advancements on the motorcycle across various parameters. The company recently concluded its first public test ride with an elite group of pilots from the aviation community to demonstrate the F77’s cutting edge specs and capabilities.

Ultraviolette will roll out with public test rides beginning September 2022 and will commercially launch the F77 in India this year. The company has received over 65,000 pre order interests, of which India, the USA, and Europe represent a significant part of these numbers.

Nikhil Srinivasan, Managing Partner at EXOR Capital, said, “EXOR Capital has a strong interest in innovation and sustainability. We believe, Ultraviolette is an opportunity that covers both. We are delighted to work with the founders and respect their vision in the mobility space.”

EXOR Capital is a fully owned subsidiary of EXOR NV. EXOR is the single largest shareholder in Stellantis and has controlling stakes in companies including sports car maker Ferrari, CNH Industrial, Iveco Group, The Economist Group, Via and the soccer team Juventus. 

The investment was facilitated by Rothschild & Co as the banking partners. Anagram Partners and Nishith Desai Associates acted as counsel to Ultraviolette and EXOR Capital.