Electric motorcycle start-up Ultraviolette Automotive has announced that it has raised a new round of capital in its Series C funding, led by TVS Motor Company, which was an early backer. Zoho Corporation has joined this round along with TVS.
Deliveries to begin in the first half of next year
Ultraviolette, which is setting up its manufacturing and assembling facility in Electronic City, Bengaluru, will utilise this investment towards the production and commercial launch of its high-performance electric motorcycle – the F77 – and roll out the first batch of motorcycles in the first half of next year.
Commenting on the fresh 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. TVS is committed to developing exciting and aspirational products and we have always believed that EV development has to be ground-up for us to make that quantum leap into the global EV revolution. 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 who participated in the Series C investment added, ‘’What impressed me most about Ultraviolette is their approach towards building the EV experience in the country – one that is focused on high performance, disruptive design and technology and superior user experience, all built and developed right here in India. 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. I am thrilled to support Ultraviolette’s goal towards revolutionising the mobility landscape globally, and I look forward to the launch of the F77 in the months ahead.”
F77 gets the testing treatment
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 early next year.
Narayan Subramaniam, founder and CEO, Ultraviolette Automotive, said, “Innovation, design, and performance are critical elements for triggering a revolution and I believe that Ultraviolette personifies these elements to deliver an exhilarating mobility experience. Consumer preference will change when EVs deliver performance and experience, surpassing the current generation of IC engine bikes. This investment from TVS Motor Company and Zoho Corp. is a validation of our endeavour to redefine the future of mobility.”
“Since our inception, our goal has been to build a future-ready technology that serves as a game changer in the mobility ecosystem. And we believe the F77 will redefine the global perception of electric mobility. It is exciting to have investors who have doubled down to back us in our journey towards building cutting-edge mobility solutions for global markets”, said Niraj Rajmohan, founder and CTO, Ultraviolette Automotive.
An early investor in the company, Kumar Vembu, CEO of GoFrugal Technologies said, “I am delighted at the significant progress that Ultraviolette has made over the years and the growing interest in the F77 from audiences worldwide. The company's product development journey has been impressive despite the pandemic, and is reflective of their continued commitment towards building a great team of disruptive individuals and technology enthusiasts developing a world-class electric motorcycle. I look forward to supporting Ultraviolette in their journey as they gear-up towards the launch of their motorcycle in the market."
Ultraviolette has said that it received over 50,000 booking interests for the F77 from across the world and will begin test rides soon.