Ultraviolette backed by TVS Motor, aims to secure $120M in upcoming funding round
- ByStartupStory | February 28, 2023
Ultraviolette Automotive Pvt Ltd, an electric motorcycle startup, has secured more than $55 million in funding from investors such as TVS Motor, Zoho Corp, Qualcomm Ventures, Gofrugal Tech, and EXOR Capital since its inception. The company is now planning to raise $120 million in its upcoming funding round to support global expansion and develop its vehicle platform further. Ultraviolette Automotive is focused on expanding its presence in the market and providing top-quality electric motorcycles to customers worldwide.
Niraj Rajmohan, Co-founder and CTO of Ultraviolette, stated that the investment from partners who share the company’s vision would help it develop new vehicle programs, expand its domestic presence, and expedite the global launch of its products. Ultraviolette Automotive Pvt Ltd is committed to expanding its reach and providing high-quality electric motorcycles to its customers.
The company has begun delivering its F77 electric motorcycle to its customers, according to a statement released by the startup. Ultraviolette Automotive is committed to providing high-quality electric motorcycles to consumers and expanding its reach in the market.
According to its most recent filing with the Ministry of Corporate Affairs, Ultraviolette Automotive Pvt Ltd recorded a loss of Rs 1.81 crore for the fiscal year ending on March 31, 2022, compared to a loss of Rs 1.34 crore in the prior year, after taxes. During the same time, its revenue surged 2.3 times to Rs 1.73 crore, but expenses increased by 80%, overshadowing the revenue growth. The company is focused on enhancing its operational efficiency to manage expenses and increase profitability.
Ultraviolette Automotive Pvt Ltd was established in 2015 by Narayan Subramaniam and Rajmohan, the CEO and CTO, respectively. The company offers three versions of its F77 electric motorcycles, namely, Airstrike, Shadow, and Laser, with a top speed of 152 kmph. The ex-showroom prices of the bikes range from Rs 3.80 lakh to Rs 5.50 lakh. Ultraviolette is dedicated to offering high-speed and reliable electric motorcycles to its customers.
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