Bengaluru-based electric two-wheeler manufacturer Ultraviolette Automotive has raised ₹130 crore ($15.3 million) in a fresh funding round led by Zoho, exclusively reported by Inc42.
Other participants in the round included Lingotto (formerly Exor Capital), Mudhal Partners, and Ojas Consultation, as per a regulatory filing.
Zoho contributed the majority of the funding with an infusion of ₹90 crore.
With this latest round, Ultraviolette’s total capital raised stands at $75 million.
Key investors in the company include Qualcomm and TVS Motor.
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About Ultraviolette:
Founded in 2016 by Narayan Subramaniam and Rajmohan, Ultraviolette Automotive specializes in electric motorcycles. It launched its first bike, the F77, in India in late 2022. The startup recently introduced the F77 Mach 2 at the 110th EICMA trade show in Milan.
The F77 Mach 2 boasts a 10.3 kWh battery pack, the largest in India, and includes cell-level fuse technology and an IP-67-rated enclosure.
Ultraviolette has begun exporting this model to Europe, targeting markets in Italy, Spain, France, Germany, and the UK. The bike’s European price is expected to range between €9,000 to €11,000, depending on incentives and taxes.
The startup is also working on the F99 Factory Racing Platform, with plans for a global commercial launch by 2025.
Ultraviolette’s manufacturing facility in Bengaluru’s Electronics City has an annual production capacity of 15,000 electric motorcycles.
Financially, the company reported a net loss of ₹61.5 crore in FY24, with an operating revenue of ₹15 crore.
Ultraviolette competes with other electric two-wheeler manufacturers, including Ola Electric, Ather Energy, Revolt, and Hero Electric.
