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Ultraviolette Automotive plans to raise $120 million in a fresh round of investment to support its national and international expansion and ongoing vehicle platform development efforts. It intends to raise these funds during FY24.
Ultraviolette F77 | Photo Credit: SOMASHEKARA GRN
The company has recently started delivering the F77 electric motorcycles. “We will establish a network of dealerships nationwide, making it easier for customers to purchase and service electric vehicles. Moreover, we are also accelerating our expansion into international markets, where we see a growing demand for performance electric motorcycles,” said the company in a release.
Also read: Yulu launches two new electric two-wheelers
It has raised over $55 million since its inception from investment companies, including Europe’s EXOR Capital, US-based Qualcomm Ventures, TVS Motor Company, Zoho Corp., Gofrugal Technologies, and Speciale Invest. According to Niraj Rajmohan, co-founder and CTO of Ultraviolette, “The infusion of funds from partners who share our vision will enable Ultraviolette to scale new vehicle programs, expand our domestic footprint, and accelerate international product rollout.”
Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive with the F77 high-performance Electric Motorcycle. | Photo Credit: SOMASHEKARA GRN
“The F77 is the result of our pursuit of creating an electric motorcycle that is a head-turner across all parameters. We are also committed to taking the brand global, and we will continue to drive innovation in the electric vehicle space,” said Narayan Subramaniam, CEO and co-founder of Ultraviolette.
Ultraviolette also launched the F99 Factory Racing Platform in January at the Auto Expo 2023, marking the firm’s entry into electric motorsports as a testing ground for cutting-edge mobility technology, according to the company.
Also read: BEVs and electric concepts to dominate Auto Expo 2023
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