EV Startup Ultraviolette’s FY22 Losses Expand to Rs 1.81 Cr Amid Rising Expenses
- ByStartupStory | January 26, 2023
Ultraviolette Automotive Pvt Ltd, TVS Motor Company-backed e-motorcycle company, has revealed a widening loss for the financial year 2021-22 on the back of rising expenses.
The company statement disclosed the loss for the year, after tax, was Rs 1.81 crore for the financial year ended March 31, 2022, compared to a loss of Rs 1.34 crore in the previous year. Revenue jumped 2.3X to Rs 1.73 crore during the period, but it was eclipsed by an 80% rise in expenses. Total expenses were Rs 4.26 crore, compared to Rs 2.37 crore in the financial year 2020-2021.
According to the company’s filings with the Ministry of Corporate Affairs, Employee benefits were Ultraviolette’s most significant cost contributor. The company spent Rs 1.70 crore on employee benefits, compared to Rs 45.6 lakh in the same period a year earlier.
Narayan Subramaniam and Niraj Rajmohan founded the company in 2015. Its F77 e-motorbike series comes in three variants—Airstrike, Shadow and Laser. The top speed of the bikes is 152 kmph, and they are priced from Rs 3.80 lakh to Rs 5.50 lakh (ex-showroom). The startup launched its much-awaited F77 at an event in Bengaluru, after six years of production and fine-tuning.
According to data and research platform Tracxn, Ultraviolette raised $24 million in an extended Series D round, resulting in a $300 million valuation. The company’s investors include Qualcomm Ventures, Exor, Lingotto, Zoho, TVS Motor Company, and GoFrugal Technologies. Tracxn also states that the company’s founders hold 29.7% of the company, TVS Motor owns 28.7%, and GoFrugal holds 11.8% ownership in the company.
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