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TVS Motor invests in electric bike maker Ultraviolette Automotive

Business Finance

Press Trust of India  |  New Delhi 

Electric mobility solutions provider Ultraviolette Automotive today said it has received Rs 6 crore funding from TVS Motor Company.

The additional investment as part of Series A round will be deployed for continued product engineering and further expansion of core R&D team and facility, Ultraviolette said in a statement.

The Bangaluru-based startup is engaged in developing electric mobility solutions and is building an electric motorcycle equivalent to conventional bikes in 200-250cc segment.

"We see immense promise in Ultraviolette Automotive's vision of bringing innovative and sustainable electric vehicles in India," TVS Motor CFO K Gopaladesikan said.

In a short span, the startup has made significant progress in its product engineering, he added.

Ultraviolette Founder and CEO Narayan Subramaniam said the company is building a high performance electric motorcycle which will be enabled with features such as on-board diagnostics, preventive maintenance, and ride customisation.

"With this investment, we are looking to ramp up the development of high-end electric powertrains, battery modules and connected technology," Ultraviolette Founder and CTO Niraj Rajmohan said.

Two-wheeler market leader Hero MotoCorp has also made investments in Bengaluru-based startup Ather Energy, which had in June launched two electric scooters priced up to Rs 1.25 lakh.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 13 2018. 14:00 IST