Zoho Leads $45 Mn Round Of Indian EV Bike Maker Ultraviolette
- ByStartupStory | December 4, 2025
Series E Funding Accelerates F77, X-47 Production And Global Expansion
Bengaluru-based premium electric motorcycle maker Ultraviolette Automotive has raised $45 million (₹404 crore) as part of its ongoing Series E funding round from Zoho Corporation and Italy’s Lingotto—the investment arm of Exor, the holding company of Ferrari. The capital will ramp production of flagship models F77 and recently launched X-47 crossover, advance battery technology, and support new platforms codenamed Shockwave and Tesseract.
Founded in 2016 by childhood friends Narayan Subramaniam (CEO) and Niraj Rajmohan (CTO), Ultraviolette designs performance EVs blending superbike dynamics with sustainable engineering. Backed by TVS Motor, Qualcomm Ventures, TDK Ventures, and Speciale Invest, the company expanded to 30 Indian cities in 12 months and launched F77 in the UK, targeting 100 cities by mid-2026 across 12 European markets.
Production Ramp And International Scaling
Proceeds fund added production lines at Hosur facility—doubling capacity amid X-47 demand surges—and new facilities with state governments. FY25 revenue doubled to ₹32.3 crore, though net losses widened 89% to ₹116.3 crore from scaling investments. Gross margins remain positive on every unit sold, with EBITDA breakeven targeted for late 2026 and full profitability in 2027.
Subramaniam highlighted investor synergy: “Lingotto’s legacy backing iconic performance brands combines with Zoho’s commitment to Indian innovation, aligning perfectly with our mission.” Rajmohan emphasized focus: “We’re doubling down on growth, advancing breakthrough batteries, elevating performance, and scaling for India and global markets.”
Strategic Backing Amid EV Premium Push
Zoho’s Vembu brothers (Sridhar, Mani, Kumar) bring tech scale; Lingotto adds European automotive pedigree. Ultraviolette differentiates via in-house R&D—powertrain, chassis, software—delivering 200+ kmph F77 (0-60kmph in 2.8s) and adventure-ready X-47.
India’s premium EV two-wheeler market grows 40%+ CAGR, but competition intensifies from Oben, Revolt, and Ultraviolette peers. Exports validate: UK launch success positions Europe as key growth vector.
Roadmap To Mass Premium Dominance
Funding accelerates certifications for wider Europe, ASEAN entry, and affordable segments. New Hosur line adds shifts; additional facilities target 10x volume by FY28.
Challenges: supply chain volatility, charging infrastructure, and profitability amid subsidies. Strengths: homologated platforms, global investor validation, and performance leadership.
This raise cements Ultraviolette’s premium positioning, blending superbike heritage with EV innovation for India’s electrification and global ambitions.
Follow Startup Story
Related Posts
