Ultraviolette raises $45 million from Ferrari-investor Lingotto, Zoho

EV two-wheeler maker Ultraviolette has raised $45 million in its Series E round from Zoho and Exor's Lingotto, as it scales production, advances battery tech and prepares for an IPO by FY28

Bengaluru-based electric vehicle (EV) two-wheeler manufacturer Ultraviolette on Thursday announced that it has secured $45 million as part of its ongoing Series E round. The latest infusion comes from leading Indian technology company Zoho Corporation, and Lingotto, one of Europe’s largest investment management companies. 

Lingotto is a wholly owned subsidiary of Exor NV — controlled by Italy’s Agnelli family. Globally, Exor-invested companies include global majors like Ferrari, Fiat, Chrysler Automobiles, PartnerRe, CNH Industrial, and, not least, the Economist Group and Juventus Football Club. The funding from these two majors comes at a time when Ultraviolette is planning for an initial public offering (IPO) by the financial year 2027-28. 

This continued momentum in Ultraviolette’s Series E round underscores sustained investor confidence in the firm’s growth trajectory and global ambitions, it said.

 

With the F77 and the recently launched X-47, Ultraviolette has built a unique design and technology-led enterprise. “We are glad to announce our Series E investment from Zoho and Lingotto,” said Narayan Subramaniam, Co-Founder and chief executive officer, Ultraviolette. 

Ultraviolette already had a spectrum of global investors, including Lingotto, TDK Ventures, Qualcomm Ventures, Zoho Corporation, TVS Motors, and Speciale Invest. 

“Lingotto’s legacy of backing iconic performance and mobility brands, combined with Zoho’s long-term commitment to fostering cutting-edge Indian innovation, aligns perfectly with Ultraviolette’s mission to build category-defining electric mobility solutions for India and global markets,” he said. 

“With the ongoing Series E investments, we are doubling down on growth and expanding our production to meet increasing demand. Our focus is on advancing breakthrough battery technology, elevating performance capabilities, and expanding production to support upcoming product platforms. This investment will accelerate our journey towards scaling into India and global markets," said Niraj Rajmohan, chief technology officer and Co-Founder, Ultraviolette. 

The company had launched the X-47 Crossover, held to be the world’s first commercially available motorcycle to feature an integrated radar and camera-safety system as standard, priced at around Rs 2.49 lakh (ex-showroom) in September. 

In a recent interaction with Business Standard, Rajmohan said the focus was on scaling up its business in a sustainable manner. The company is also eyeing a foray into new global markets. 

“We have started in the United Kingdom. We are looking at new markets like Southeast Asia and Latin America,” Rajmohan said. The company reportedly has a presence in 10 countries, including France, Ireland, Austria, Italy, Switzerland, Belgium, the Netherlands, and Luxembourg for its F77 MACH 2 and F77 SuperStreet. 

The X-47 Crossover is equipped with a unique UV HyperSense system, with long-range radar integrated with the vehicle’s control unit. Powered by a 10.3 kWh battery pack, the X-47 delivers a peak output of 40.2 hp (30 kW) and an impressive 100 Nm of torque. This allows the motorcycle to accelerate from 0-60 kilometres per hour in just 2.7 seconds and achieve a top speed of 145 km per hour.