Ultraviolette raises $21M from TDK Ventures, others
The investment comes as the electric motorcycle manufacturer continues to expand its retail presence in India and follows its entry into European markets earlier this year.
Electric motorcycle manufacturer Ultraviolette Automotive on Tuesday raised $21 million, which included a strategic investment from Japanese deeptech investor TDK Ventures, the corporate venture capital arm of Tokyo exchange listed TDK Corporation.
The round also saw participation from existing investors including Zoho Corporation and Lingotto (previously Exor Capital).
Ultraviolette has been actively expanding its retail footprint in the country and targets to expand its stores to 100 cities in India by FY26. The company also entered the European markets earlier this year, with its F77 Mach 2 and F77 SuperStreet models. These models are available across ten European countries, including Germany, France, and the UK, among others.
The company is backed by a number of marquee investors, including Qualcomm Ventures, Speciale Invest, and TVS Motor Company along with other notable investors include Swiggy co-founder and CEO Sriharsha Majety and Cure Foods co-founder Ankit Nagori, among others.
According to the company, it is scaling up manufacturing capabilities, accelerating research, and expanding its distribution network. “Mobility is undergoing a radical transformation, and at Ultraviolette, we are leading that change through cutting-edge innovation. Our partnership with TDK Ventures fast forwards our efforts, from advanced battery platforms to intelligent vehicle systems. This collaboration not only accelerates our vision of future ready mobility but also reinforces our commitment to delivering electric vehicles that are aspirational and globally relevant,” stated Narayan Subramaniam, CEO and Co-founder of Ultraviolette.
The investment also comes amidst rising activity in the country’s EV segment which has seen rising government support and consumer adoption. Ultraviolette competes with the newly launched motorcycle line of products from Ola Electric and other players like Oben Electric.
According to data website Tracxn, the company raised $3.9 million in a Series E round from Winever Industrial Enterprises and Dilip Anand Swadi. While the firm saw its revenue rise to Rs 23.9 crore in FY24 from Rs 14.6 crore in FY23, it also saw its net losses widen to Rs 61.6 crore during this period compared to Rs 7.5 crore in FY23.
(Disclaimer: The article was updated to correct an error in the press release.)
Edited by Megha Reddy