Ultraviolette Automotive announced that it has raised Rs 30 crore by the leading two-wheeler and three-wheeler manufacturer TVS Motor Company, as a part of its ongoing Series B funding. Undisclosed sources within the company added that the round will soon see investment from several other key stakeholders.
Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive Pvt Ltd, said in a press statement, “We have seen significant advancements in the transportation and mobility industry globally, with an increased demand for personal mobility in recent times. We also see rapid growth in the Indian two-wheeler industry with a special focus on electric vehicles, and it is in this context that we set out to create the F77 – India’s first high-performance motorcycle.”
The fundraise was announced soon after the electric vehicle startup unveiled its high-performance motorcycle — F77, the production of which had started in 2017.
The statement said Ultraviolette had unveiled the pre-production version of the F77 in November 2019, setting new benchmarks in the Indian EV industry. The Ultraviolette F77 will first be rolled out next year with expanding national availability planned in phases.
Founded in 2017 by Narayan and Niraj Rajmohan, Ultraviolette Automotive had started by building EVs for the European markets. The startup soon pivoted and focused on the Indian market.
The statement explained that the F77 is high-end technology, and a high performance-oriented motorcycle built with principles used in the aviation industry — right from the advanced engineering simulations, multi-level safety systems to the design identity of the motorcycle. The F77 is a smart and connected electric motorcycle that comes with remote diagnostics over-the-air (OTA) upgrades, regenerative braking, multiple ride modes, bike tracking, ride diagnostics, and a whole lot of other features.