TVS-backed Ultraviolette has announced investments from Qualcomm Ventures and Lingotto to expand the Series D round.
These investments from Qualcomm Ventures and Lingotto will be used towards ramping up the company’s presence in India, and subsequent expansion in international markets as well as strengthening the brand’s technological capabilities.
Qualcomm Ventures invests in companies focused on 5G, Artificial Intelligence, Automotive, IoT, Enterprise and Cloud, and XR/Metaverse. Qualcomm Ventures has over 150 portfolio companies in its portfolio and manages over $2 billion in assets across the United States, China, India, Israel, Europe, Latin America, and Korea.
Lingotto (formerly Exor Capital) is a fully owned subsidiary of EXOR N.V which has the controlling stakes in companies like sports car maker Ferrari (RACE.MI), Stellantis (STLA.MI) CNH Industrial (CNHI.MI), Iveco Group (IVG.MI), The Economist Group, Via and the soccer team Juventus (JUVE.MI).
Commenting on the investment, Narayan Subramaniam, Co-Founder and CEO, Ultraviolette stated, “As we countdown to the commercial launch of the F77 in India, this investment is a testament to the fact that we have been able to create a distinct identity for Ultraviolette and the F77 and build aspiration for the product across global audiences. We are thrilled to have Qualcomm Ventures and Lingotto back us in our vision of redefining the future of electric mobility and making the F77 a global phenomenon.”
“Qualcomm Ventures is proud to support Ultraviolette, which is committed to raising the bar on performance and safety standards of electric two-wheelers with best-in-class technologies, design and engineering. We look forward to the acceleration of the transformation within the automotive industry by enabling companies, such as Ultraviolette, with not only access to capital but also the opportunity to potentially leverage Qualcomm’s world-class technology innovations,” said Quinn Li, Senior Vice President, Qualcomm Technologies, Inc. and global head of Qualcomm Ventures.
F77 launch on Nov 24
With an industry leading IDC range of 307 kms on a single charge, the Ultraviolette F77 will be commercially launched on November 24. The company opened its pre-orders on October 23 and will roll out the product in a phased manner, with the first batch of motorcycles being delivered in Bangalore.
Nikhil Bawa Srinivasan, Managing Partner at Lingotto said, “Our continued support for Ultraviolette rests in our belief on what should be a market defining product.” Further, Niraj Rajmohan, Co-Founder and CTO, Ultraviolette, stated, “While we focus on commercially making available of the F77 in India, we are also actively building the roadmap for our subsequent expansion in international markets, and this capital infusion will be integral in augmenting our efforts in some of these markets.”