Ultraviolette Automotive has raised a new round of capital in its Series C funding, led by
TVS Motor Company. Zoho Corporation has joined this round along with TVS Motor, to support Ultraviolette’s vision of developing high-performance mobility solutions for India and global markets. TVS Motor Company, which has been an early backer of the company, has led the investment in this round.
Sudarshan Venu, Joint Managing Director, TVS Motor Company, stated, “EVs are a huge focus area for us and we have invested in this area for over a decade. TVS is committed to developing exciting and aspirational products and we have always believed that EV development has to be ground-up for us to make that quantum leap into the global EV revolution. Ultraviolette brings these values to life in a unique way in the F77, and we are excited to support this! We are delighted that we chose to partner with them at an
early-stage and I am confident that Ultraviolette’s EV line-up will see rapid adoption across the country and the world.’’
Sridhar Vembu, Founder and CEO, Zoho Corporation who participated in the Series C investment added, ‘’What impressed me most about Ultraviolette is their approach towards building the EV experience in the country - one that is focused on high performance, disruptive design and technology, and superior user experience, all built and developed right here in India. There is no doubt that the future of mobility is electric, and innovation has to be at the forefront of product disruption. This approach by Ultraviolette will position India to be a leader in the global EV ecosystem. I am thrilled to support Ultraviolette’s goal towards revolutionizing the mobility landscape globally, and I look forward to the launch of the F77 in the months ahead.”
Ultraviolette, which is setting up its manufacturing and assembling facility in Electronics City, Bengaluru, will utilize this investment towards the production and commercial launch of its high-performance electric motorcycle, the F77, and will roll out the first batch of motorcycles in the first half of 2022.
Ahead of the commercial launch of the motorcycle, Ultraviolette Automotive has been rigorously testing the F77 across different terrains in the country, to validate the motorcycle’s drivetrains, chassis and battery capability using several quantitative and qualitative parameters. The company is currently in the final stages of testing and will commence production of the F77 in the first half of 2022.
Ultraviolette has received over 50,000 booking interests for the F77 from across the world and will begin test rides and deliveries of the motorcycles in the first half of 2022.
On Sensex, TVS Motor ended at Rs663.35 per piece down by 1.9%.
