TVS Motor-backed electric bike maker Ultraviolette Automotive on Thursday said it has raised an undisclosed amount in funding led by Exor Capital.
The company said the latest capital infusion, which comes ahead of the launch of its high-speed e-bike F77 in the country, is a part of the ongoing Series-D round of funding with Ferrari-backer Exor Capital as the lead investor. The investment from Exor will be utilised in expanding the company’s footprint pan-India, ramping up sales of the electric bike in the domestic market and its subsequent expansion in the international markets, it said.
Ultraviolette unveiled an electric bike in November last year. Companies like Zoho Corporation, GoFrugal Technologies and Speciale Invest have also invested in the Bengaluru-based firm. “With this investment, we now have a diversified group of prominent Indian and international institutional investors backing us in our journey and vision of shaping a new era of mobility not just in India but in global markets as well,” said Narayan Subramaniam, co-founder and CEO, Ultraviolette.