- ALSO READ
Ultraviolette Automotive, which makes electric sports bikes, has raised undisclosed investments from Qualcomm Ventures and Lingotto for expanding its business in India and abroad.
Funding from the Series D round would help the Bengaluru-based firm in improving its technology, it said. The company will launch its Ultraviolette F77 motorcycle on November 24, after starting pre-orders on October 23. The bike will be rolled out in phases, with the first batch being delivered in Bengaluru.
“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," said Narayan Subramaniam, co-founder and chief executive officer of Ultraviolette.
Niraj Rajmohan, the company’s co-founder and chief technology officer, said Ultraviolette has plans for international markets. "This capital infusion will be integral in augmenting our efforts in some of these markets.”
Qualcomm Ventures has over 150 portfolio companies in its portfolio. It manages over $2 billion in assets across the United States, China, India, Israel, Europe, Latin America, and Korea. “Ultraviolette is committed to raising the bar on performance and safety standards of electric two-wheelers,” said Quinn Li, senior vice president, Qualcomm Technologies, Inc. and global head of Qualcomm Ventures.
Lingotto (formerly Exor Capital) is a fully owned subsidiary of Exor N.V., which has controlling stakes in sports carmaker Ferrari (Race.MI), Stellantis (formerly Fiat Chrysler Automobiles) and other companies.
“Our continued support for Ultraviolette rests in our belief in what should be a market-defining product,” said Nikhil Bawa Srinivasan, managing partner at Lingotto.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Tue, November 22 2022. 17:19 IST