EV startup Ultraviolette expands its ESOP pool by $22 million
- ByStartupStory | October 7, 2022
The employee stock option (ESOP) pool of electric bike company Ultraviolette has been enlarged by the addition of new ESOP options. Exor Co-Invest has contributed $10 million to the company’s Series D round of funding.
According to Ultraviolette’s regulatory filing with the Registrar of Companies (RoC), the board of directors has approved a special resolution to grant 6,466 employee stock options (ESOP) to the company’s employees.
Every option will be converted into equity shares, according to the papers. The newly added ESOP options are valued at around Rs 175 crore ($22 million), according to estimations.
The three models of Ultraviolette’s flagship F77 motorcycle—Airstrike, Laser, and Shadow—have been under development. With a set of new tyres, the next bike is expected to be able to travel 130–150 kilometres with its three batteries in one go.
The business revealed on Wednesday that the F77 bike’s production trials have started at its manufacturing plant outside of Bengaluru. According to the company, it has received over 65,000 preorder inquiries from countries including India, the US, and Europe.
Ultraviolette competes in the two-wheel electric bike market alongside Revolt, Pure EV, Tork Motors, and established brands. The Narayan Subramaniam-led business is currently valued at $310 million, according to Fintrackr’s estimates, and has investors like TVS Motor and Zoho Corporation.
Ultraviolette, which was founded in 2015, had no operating revenue as of FY21, although its expenses fell by 37% to Rs 2.37 crore during the fiscal year that ended in March 2021. According to data gathered, funding for electric car companies increased from $195 million in 2020 to $570 million in 2021 and more than $670 million so far in 2022.
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