Bengaluru based EV Startup Ultraviolette picks up $15 million
- ByTejika Bajaj | December 10, 2021
Bengaluru based electric vehicle startup Ultraviollete has recently picked up $15 million in a new round of funding led by TVS Motors and the bootstrapped-Zoho Corporation. The recent infusion is a part of the Series C round of funding for the company which last raised $6.5 million in October last year from TVS Motors.
The new round of funding comes amidst piqued investor interest in the EV segment whereby leading EV startups like Ola Electric and Euler Motors closed $53 million and $10 million respectively from their investors recently.
Regulatory filings with the Registrar of Companies (RoC) reveal that Ultraviolette has approved the allotment of 5909 Series B preference shares at an issue price of Rs 190,384 per share to raise Rs 112.5 crore or $15 million. TVS Motor Company Limited has invested Rs 75 crore whereas Zoho Corporation Private Limited pumped in Rs 37.50 crore in this round.
As per reports, the company has raised the fresh funds at a post money valuation of $205 million. Following the fresh allotment of shares, TVS Motors has acquired the largest stake in the EV startup with 33.95% of stake whereas Zoho has acquired 2.46% of the stake.
Founded in 2015, Ultraviollete is an EV startup that has been developing its flagship F77 motorcycle which has three variants. The startup is still at its pre-revenue stage as it is yet to launch its products in the market. While the company had zero operating revenue in FY21, its expenses decreased by 37% to Rs 2.37 crore during the fiscal year ending March 2021.
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