TVS Motor-backed Ultraviolette looking to raise $120M in next funding round
The startup has raised over $55 million since inception from investors including TVS Motor, Europe's EXOR Capital, Zoho Corp, Qualcomm Ventures, and Gofrugal Tech, among others.
Electric motorcycle startup is planning to raise $120 million in its next round of investment, which will be used to expand globally and grow its vehicle platform.
The company has raised $55 million in funding since inception from a clutch of investors including TVS Motor Company, EXOR Capital, Qualcomm Ventures, Zoho, Gofrugal Tech, and Speciale Invest.
The startup said in a statement that it has commenced deliveries of its electric motorcycle, the F77, to customers.
"The infusion of funds from partners who share our vision will enable Ultraviolette to scale new vehicle programmes, expand our domestic footprint, and accelerate international product rollout," said Niraj Rajmohan, Co-founder and CTO of Ultraviolette.
In its latest filing to the Ministry of Corporate Affairs, the startup's recorded loss, 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. Its revenue jumped 2.3X to Rs 1.73 crore during the period, but it was eclipsed by an 80% rise in expenses.
Founded in 2015 by Rajmohan and CEO Narayan Subramaniam, Ultraviolette has three variants of its F77 e-motorcycles: 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).
Edited by Megha Reddy