EV startup Ultraviolette's FY22 loss widens to Rs 1.81 Cr as expenses rise

TVS Motor Company-backed e-motorcycle company Ultraviolette Automotive Pvt Ltd has reported a widening loss for the financial year 2021-22 on the back of rising expenses.

Loss for the year, after tax, was Rs 1.81 crore for the financial year ended March 31, 2022, compared to a loss of Rs 1.34 crore in the previous year. Revenue jumped 2.3X to Rs 1.73 crore during the period, but it was eclipsed by an 80% rise in expenses.

Total expenses were Rs 4.26 crore, compared to Rs 2.37 crore in the financial year 2020-2021.

Employee benefits were Ultraviolette's most significant cost contributor, according to the company's filings with the Ministry of Corporate Affairs. The company spent Rs 1.70 crore on employee benefits, compared to Rs 45.6 lakh in the same period a year earlier.

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Ultraviolette was founded by Narayan Subramaniam and Niraj Rajmohan in 2015. Its F77 e-motorbike series comes in three variants—Airstrike, Shadow and Laser. The top speed of the bikes is 152 kmph, and they are priced from Rs 3.80 lakh to Rs 5.50 lakh (ex-showroom).

The startup launched its much-awaited F77 at an event in Bengaluru, after six years of production and fine-tuning.

Ultraviolette's investors include Qualcomm Ventures, Exor, Lingotto, Zoho, TVS Motor Company, and GoFrugal Technologies. It raised $24 million in its extended Series D round, at a valuation of $300 million, according to Tracxn.

The founders hold 29.7% of the company, while TVS Motor owns 28.7%, followed by GoFrugal which holds 11.8%, according to Tracxn.

(The story was updated with details on the company's expenses, products and ownership.)