Ultraviolette raises additional Series D round from Qualcomm Ventures and Lingotto
Ultraviolette Automotive Pvt. Ltd., a two-wheeler startup based in Bengaluru, has received funding from Qualcomm Ventures and Lingotto to increase its Series D round.
The money will be used by Ultraviolette to increase its presence in India and enter new markets abroad.
“As we countdown to the commercial launch of the F77 in India, this investment is a testament to the fact that we have been able to create a distinct identity for Ultraviolette and the F77 and build aspiration for the product across global audiences,” Co-Founder and CEO of Ultraviolette, Narayan Subramaniam, stated in a statement.
Niraj Rajmohan, co-founder and CTO of Ultraviolette, stated, “While we focus on the commercial availability of the F77 in India, we are also actively building the roadmap for our subsequent expansion in international markets, and this capital infusion will be integral in augmenting our efforts in some of these markets.”
The Ultraviolette F77 will go on sale on November 24 and boast an industry-leading IDC range of 307 kilometers on a single charge. The business started taking pre-orders on October 23rd and would release the product gradually, with the first shipment of motorcycles arriving in Bengaluru.
Qualcomm Ventures makes investments in businesses with a focus on 5G, AI, automotive, IoT, enterprise, cloud, and XR/Metaverse. Its portfolio includes more than 150 portfolio firms, and it manages more than $2 billion in assets spread across the US, China, India, Israel, Europe, Latin America, and Korea.
EXOR N.V., which owns the largest or controlling holdings in businesses such as sports car manufacturer Ferrari (RACE.MI), Stellantis (STLA.MI), CNH Industrial (CNHI.MI), Iveco Group (IVG.MI), The Economist Group, Via, and soccer team Juventus, owns Lingotto (previously Exor Capital) (JUVE.MI).
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