Ferrari Backer Exor invests $10 Mn in Ultraviolette Automotive
- ByStartupStory | August 25, 2022
Ultraviolette Automotive, an electric two-wheeler business based in Bengaluru, has received a new round of funding from Exor based in Amsterdam.
By allocating 2,192 Series D compulsory convertible preference shares and 10 equity shares to Exor Co-Invest Fund I ILP, the business is raising roughly $10 million (INR 79 crore).
With this investment, the Agnelli family-run Exor has joined the roster of Sridhar Vembu’s EV two-wheeler company. Exor owns a 22.91% share in Ferrari and is another stakeholder in the company.
Exor will be able to hold 3.48% in Ultraviolette Automotive after this investment. The startup’s ongoing Series D investment round appears to include this funding. Ultraviolette Automotive raised the fresh round at a valuation of almost $300 million.
Nearly eight months have passed since Ultraviolette Automotive received $15 Mn in finance from Zoho Corporation and TVS Motor Company.
The start-up asserts that the Ultraviolette F77 can accelerate from 0 to 60 kmph in 2.9 seconds and has a top speed of 140 kmph. According to the startup, the bike would be a smart, connected electric bike with features like OTA updates and remote diagnostics.
The eagerly awaited Ultraviolette F77 electric motorcycle is currently being put through test rides by Ultraviolette Automotive, moreover Ultraviolette Automotive will compete against companies like Ola Electric, Ather, TVS, and Hero, among others, if we are talking about electric two-wheelers.
About Ultraviolette Automotive
The bangalore based startup an electric two-wheeler business that specialises in renewable energy and sustainable transportation.Ultraviolette Automotive was established in 2016 by Narayan Subramaniam and Niraj Rajmohan with their sole mission in life – to redefine mobility.
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