EV start-up Ultraviolette raises $15 million from TVS Motor, Zoho Corp

Firm is setting up manufacturing and assembling unit in Electronics City, Bengaluru; will use investment for production and launch of its high-performance e-bike, F77; first batch out in H1 of 2022

Bengaluru-based two-wheeler electric vehicle manufacturer Ultraviolette Automotive on Monday announced that it has raised $15 million in its Series C funding from TVS Motor Company and SaaS major Zoho Corporation. TVS Motor Company, which has been an early backer of the company, has led the investment in this round.

Ultraviolette, which is setting up its manufacturing and assembling facility in Electronics City, Bengaluru, will utilize this investment towards the production and commercial launch of its high-performance electric motorcycle, the F77, and will roll out the first batch of motorcycles in the first half of 2022.

“EVs are a huge focus area for us and we have invested in this area for over a decade. TVS is committed to developing exciting and aspirational products and we have always believed that EV development has to be ground-up for us to make that quantum leap into the global EV revolution. Ultraviolette brings these values to life in a unique way in the F77, and we are excited to support this," said Sudarshan Venu, Joint Managing Director, TVS Motor Company.  

Ahead of the commercial launch of the motorcycle, Ultraviolette Automotive has been rigorously testing the F77 across different terrains in the country, to validate the motorcycle’s drivetrains, chassis and battery capability using several quantitative and qualitative parameters. The company is currently in the final stages of testing and will commence production of the F77 in the first half of 2022.

"What impressed me most about Ultraviolette is their approach towards building the EV experience in the country - one that is focused on high performance, disruptive design and technology, and superior user experience, all built and developed right here in India,” said Sridhar Vembu, Founder and chief executive officer, Zoho Corporation.  Ultraviolette has received over 50,000 booking interests for the F77 from across the world and will begin test rides and deliveries of the motorcycles in the first half of 2022.

"Innovation, design, and performance are critical elements for triggering a revolution, and I believe that Ultraviolette personifies these elements to deliver an exhilarating mobility experience. This investment from TVS Motor Company and ZOHO Corp. is a validation of our endeavour to redefine the future of mobility,” said Narayan Subramaniam, Founder, Ultraviolette Automotive.

“Since our inception, our goal has been to build a future-ready technology that serves as a game-changer in the mobility ecosystem. And we believe the F77 will redefine the global perception of electric mobility”, said Niraj Rajmohan, Founder and CTO, Ultraviolette Automotive. Another early investor in the company, Kumar Vembu, CEO of GoFrugal Technologies said its product development journey has been impressive despite the pandemic.