Bengaluru based Ultraviolette Automotive Pvt Ltd, an electric vehicle start-up, announced that it has raised an undisclosed amount in its latest Series B investment round from Kumar Vembu, CEO of GoFrugal Technologies. Ultraviolette’s post money valuation stands at $50 million.

Vembu, who has been an early investor in the company during its Series A funding, has joined this round of investment along with TVS Motors to support Ultraviolette Automotive’s vision of transforming the future of electric mobility in the country.

Sources said Ultraviolette has raised close to $30 million in its Series B round including an investment of ₹30 crore from TVS Motor Company last month. TVS now has 29.48 per cent stake in Ultraviolette.

Ultraviolette’s maiden mobility solution — the F77— is India’s first high performance electric motorcycle that has been designed to deliver an unparalleled user experience. Built indigenously from the ground up with principles used in the aviation industry, the F77 is an inherently powerful, efficient and intelligent vehicle, integrated with revolutionary design and technology that completely redefines the identity for electric vehicles in India, claims the start-up. The pre-production version of the F77 was unveiled less than a year ago, and the start-up is now gearing up to launch the motorcycle in the market. A key area that it has invested in is battery technology for Indian conditions. Over the last three years, the company has developed battery packs from scratch to accommodate highest energy and power density globally and has filed several patents especially on the safety and thermal management aspects.

“As the country moves towards smarter and sustainable transportation solutions, Ultraviolette Automotive is playing a distinct role in shaping the perception of electric vehicles, and consequently driving its adoption in India. The F77 is an evocative and compelling mobility alternative for consumers in India and since the unveiling, the company has made significant progress towards launching the motorcycle in the market. We see immense promise in Ultraviolette Automotive’s vision of building high performance electric mobility solutions and leading the movement in transforming the future of mobility in the country,” said Kumar Vembu, CEO of GoFrugal Technologies, in a statement.

Narayan Subramaniam, founder and CEO, Ultraviolette Automotive Pvt Ltd, said, “Kumar Vembu has been a long standing partner in our journey towards building a superior EV experience in India and we are thrilled about his continued support in this round of investment as well.”

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