December 5, 2024: Electric motorcycle manufacturer Ultraviolette, an Electric Motorcycle manufacturer has raised ₹130 crore in funding as part of the growing interest in India’s electric vehicle (EV) sector, and expand its global footprints.
Founded in 2016, Bengaluru-based Ultraviolette manufactures electric motorcycles, claims to be an innovator in sustainable mobility and energy infrastructure. Promoted by Narayan Subramaniam and Niraj Rajmohan, it was born out of the unique vision of creating top-of-the line mobility solutions, that’s driven by progressive design and energy efficient technology.
The fundraise follows Ultraviolette plans to expand its international footprints. In September, the company rolled out its maiden batch of Indian made motorcycles to European markets.
Furthermore, the company’s board approved the allotment of 4,52,431 0.0001% Series E1 compulsorily convertible preference shares of face value of Rs 10 at a premium of Rs 2,864. This brings the total issue price to Rs 2,874 per share, a Registrar of Companies filing showed.
Ultraviolette to develop new range of high-performance EV Motorcycles
According to a report, the Ultraviolette is set to establish several product touch points in India by March 2025, and accomplish its target to sell 1,000 units within the next six to eight months. It is also developing a new product line-up, focusing on the mid-weight segment of the superbike market. Ultraviolette Automotive is developing India’s first ecosystem of high-performance electric vehicles and future-ready energy infrastructure.
The Indian electric vehicle (EV) ecosystem is witnessing heightened activity with Bhavish Aggarwal-led Ola Electric listing on public bourses earlier this year and Ather Energy expecting to list on stock exchanges. Both companies have announced plans to enter the electric motorcycle market.
The latest round of investment by Ultraviolette had participation from both existing and news investors, including SaaS company Zoho Corporation, Lingotto Co-Invest Fund I, and Mudhal Partners, among others.
The EV motorcycle maker is backed by prominent investors, including TVS Motor Company and Qualcomm Ventures, among others, which are part of its captable
