EV manufacturer Ultraviolette Automotive has raised Series C funding from TVS Motor Company and Zoho Corporation.

According to its MCA filings, Ultraviolette has raised $15 million in this round of funding. While the company did not comment on whether more investors will be participating in Ultraviolette's Series C round, founder and CEO of Ultraviolette Automotive, Narayan Subramaniam said the company is in “active conversations with investors”. The company has, so far, raised more than $21.4 million across multiple rounds of funding.

The company is setting up manufacturing and assembling facility in Electronics City, Bengaluru, and will use the fresh funds for production and commercial launch of its high-performance electric motorcycle, the F77. Ultraviolette claims to have received over 50,000 bookings for the F77 from across the world. The company plans to begin test rides and deliveries of the motorcycles in the first half of 2022.

The global shortage of chips and electronics has affected the entire supply chain of all automotive manufacturers. Closer home, the shortage has led Ola Electric to delay the delivery dates of its scooters from November to December.

Commenting on how Ultraviolette prepares to meet its delivery timeline in this scenario, Subramaniam told BusinessLine , “In the light of this reality, we will follow an initial approach, planning for a higher inventory of components, with longer lead times. We will also be working with component manufacturers on a steady ramp-up model for production volumes.”

Ahead of the commercial launch of the motorcycle, Ultraviolette Automotive has been 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.

Ultraviolette Automotive was founded by Narayan Subramaniam and Niraj Rajmohan in 2016. The F77 is a high-performance electric motorcycle, with an acceleration of 0-60 in 2.9 seconds, top speed of 140 kmph, and a range of 150 km on a single charge. It comes with remote diagnostics over-the-air (OTA) upgrades, regenerative braking, multiple ride modes, bike tracking, ride diagnostics and other features. 

Commenting on the investment, Sudarshan Venu, Joint Managing Director, TVS Motor Company, said, “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.’’

Sridhar Vembu, Founder and CEO, Zoho Corporation, 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.”

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