Bengaluru-based EV Startup Ultraviolette Automotive Raises Series C Funding

Ultraviolette Automotive, a Bengaluru-based electric vehicle (EV) startup, has raised an undisclosed amount in a Series C funding round led by TVS Motor Company.

 

Zoho Corporation also participated in the funding round.

 

The funding will support Ultraviolette in developing high-performance mobility solutions for India and the global markets.

 

Ultraviolette is developing a manufacturing and assembling facility in Electronic City, Bengaluru. The funds will be utilized for the production and commercial launch of its electric motorcycle, the F77.


 

The company said it had received over 50,000 booking interests for the F77. It is expected to begin test rides and deliveries of the motorcycles in the first half of 2022.

 

Ahead of the commercial launch of the motorcycle, the company has been testing the F77 across different terrains in the country to validate its drivetrains, chassis, and battery capability using various qualitative and quantitative parameters.

 

The company said the F77 is equipped with three lithium-ion battery packs with a total capacity of 4.2 kWh and a regenerative braking system. Regenerative braking uses kinetic energy, usually lost during braking, to provide additional power to the electric motor. The motorcycle also has other features like multiple ride modes and ride diagnostics.

 

Last year, Ultraviolette Automotive secured ₹300 million (~$4.08 million) from TVS Motor Company in a Series B funding round.

 

Commenting on the investment, Sudarshan Venu, Joint Managing Director of TVS Motor Company, said, “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.”

 

In an interview with Mercom India, Narayan Subramaniam, Founder, and Chief Executive Officer, Ultraviolette Automotive, said, “By 2025-26, Ultraviolette is looking to be a dominant player in the electric mobility segment. The company is developing in-house battery technologies and working on the other parts of EVs, including vehicle architecture and their scalability to different segments and platforms.”

 

The most significant benefit of EVs is their contribution to improving air quality in cities. Recognizing this, the Delhi government’s budget for 2021-22 provided several sops for electric vehicles. West Bengal aims to be among the top three states in India for electric mobility penetration. The government plans to have one million EVs combined across all segments.

 

The Ministry of Heavy Industries formulated the Faster Adoption and Manufacturing of Hybrid and EVs in India (FAME) India program in 2015 as part of the National Electric Mobility Mission Plan 2020. The government allocated ₹100 billion (~$1.34 billion) for phase-II of FAME India. Under this program, the government will support 7,090 electric buses, 1 million electric two-wheelers, 500,000 electric three-wheelers, 55,000 electric passenger cars.