Ultraviolette Automotive, an innovator in sustainable mobility, on Monday announced that it has raised a new round of capital in its Series C funding, led by TVS Motor Company.
According to Ultraviolette Automotive, the company that is developing an ecosystem of high-performance electric vehicles and future-ready energy infrastructure, Zoho Corporation has also joined this round to support its vision of developing high-performance mobility solutions for India and global markets. TVS Motor Company, which has been an early backer of the company, has led the investment in this round, the press release from the company stated.
Ultraviolette, which is setting up its manufacturing and assembling facility in Electronics City, Bengaluru, will utilise this investment towards the production and commercial launch of its high-performance electric motorcycle, the F77.
The company claimed that it has received over 50,000 booking interests for the F77 worldwide and will begin test rides and deliveries of the motorcycles in the first half of 2022.
Ahead of the commercial launch of the motorcycle, Ultraviolette Automotive has been rigorously testing the F77 across different terrains in the country to validate the motorcycle’s drivetrains, chassis and battery capability using several quantitative and qualitative parameters. The company is currently in the final stages of testing and will commence production of the F77 in the first half of 2022.
On the investment, Sudarshan Venu, Joint Managing Director, TVS Motor Company, said, “EVs are a huge focus area for us, and we have invested in this area for over a decade. Ultraviolette brings these values to life in a unique way in the F77, and we are excited to support this. We are delighted that we chose to partner with them at an early stage, and I am confident that Ultraviolette’s EV line-up will see rapid adoption across the country and the world.”
Sridhar Vembu, Founder and CEO, Zoho Corporation, said, “There is no doubt that the future of mobility is electric, and innovation has to be at the forefront of product disruption. This approach by Ultraviolette will position India to be a leader in the global EV ecosystem.”
Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive, said, “This investment from TVS Motor Company and ZOHO Corp is a validation of our endeavour to redefine the future of mobility.”