Electric bike startup Ultraviolette has reportedly raised Rs 112.5 crore as part of Series C round led by TVS Motor. The Bengaluru-headquartered company had raised Rs 50 crore or $6.5 million from TVS and GoFurugal as part of Series C round in October last year.
In the latest round, TVS Motor Company invested $9.9 million (Rs 75 crore) in the electric vehicle start-up while Zoho infused $5 million (Rs 37.5 crore) for a 2.46 percent stake in the venture. Founded in 2015, Ultraviolette designs, develops and manufactures electric two-wheelers and their accessories.
The startup raised Rs 50 crore of capital in a Series B round in October last year from TVS Motor and GoFrugal. ltraviolette Automotive had unveiled its high-performance electric motorcycle F77 in November 2019. The bike comes in three variants: Airstrike, Laser and Shadow. Its EV bike has a range of 130-150 km with three battery packs, says its website.
Ultraviolette’s maiden mobility solution — the F77— is India’s first high performance electric motorcycle that has been designed to deliver an unparalleled user experience. Built indigenously from the ground up with principles used in the aviation industry, the F77 is an inherently powerful, efficient and intelligent vehicle, integrated with revolutionary design and technology that completely redefines the identity for electric vehicles in India, claims the start-up.
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The platform has significantly invested in is battery technology for Indian conditions. Over the last three years, the company has developed battery packs from scratch, to accommodate highest energy and power density globally and has filed several patents especially on the safety and thermal management aspects.
