In a significant boost for India's electric vehicle (EV) landscape, Bengaluru-based electric motorcycle manufacturer Ultraviolette has successfully secured a fresh infusion of $45 million in growth capital. This funding round marks a pivotal moment for the startup as it gears up for its next phase of expansion and product development.
Strategic Investors Back Ultraviolette's Vision
The substantial investment of $45 million forms a crucial part of Ultraviolette's ongoing Series E funding round. The capital has been committed by two prominent names: Zoho Corporation, the global technology giant, and Lingotto, an investment management firm based in Europe. The involvement of Zoho is particularly notable as it was spearheaded by its founder and CEO, Sridhar Vembu, along with Mani and Kumar Vembu.
This move underscores a growing trend of backing from successful domestic technology founders for the burgeoning EV ecosystem in India. Lingotto's participation further diversifies Ultraviolette's investor portfolio, which already includes global heavyweights like TVS Motor Company, Qualcomm Ventures, and TDK Ventures.
Fueling Production and Future Platforms
The newly acquired funds are earmarked for strategic initiatives aimed at accelerating Ultraviolette's market presence. A primary focus will be on scaling up the production and sales operations for its existing flagship model, the F77 electric sportbike, and its recently introduced offering, the X-47 crossover electric motorcycle.
Beyond current products, the company plans to channel resources into research and development for its upcoming next-generation platforms. These future vehicles, internally codenamed "Shockwave" and "Tesseract," represent Ultraviolette's commitment to innovation and expanding its product lineup in the competitive electric two-wheeler segment.
Rapid Expansion Across India
The funding announcement comes on the heels of a period of aggressive geographical growth for the startup. Over the past 12 months, Ultraviolette has dramatically expanded its retail and service footprint across the country. The company has grown from having no presence to establishing itself in 30 cities throughout India, significantly enhancing its accessibility to customers and building a robust sales network.
This national expansion, coupled with strong financial backing from reputable investors, positions Ultraviolette as a formidable player aiming to redefine performance and technology in the Indian electric motorcycle space. The investment is a strong vote of confidence in both the company's technology and the long-term potential of India's EV market.
