Ultraviolette Eyes Pan-India Expansion with INR 130 Cr Capital Boost In September, Ultraviolette shipped its first batch of Indian-made electric motorcycles to Europe, marking a significant milestone in its global strategy.
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Bengaluru-based electric motorcycle manufacturer Ultraviolette has announced the raising of INR 130 crore in a new funding round, highlighting the growing momentum in India's electric vehicle (EV) sector.
The investment round saw participation from both existing and new investors, including Zoho Corporation, Lingotto Co-Invest Fund I, and Mudhal Partners.
The company's board approved the issuance of 4,52,431 Series E1 compulsorily convertible preference shares, valued at INR 2,874 each, including a premium of INR 2,864.
Founded in 2016 by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette has become a prominent player in the electric motorcycle market.
Its investors include TVS Motor Company and Qualcomm Ventures.
The fresh capital will fuel the company's ambitious expansion plans, particularly its recent push into international markets. In September, Ultraviolette shipped its first batch of Indian-made electric motorcycles to Europe, marking a significant milestone in its global strategy.
Domestically, the company aims to establish a pan-India presence by March 2025 and target monthly sales of 1,000 units within the next six to eight months. Ultraviolette is also working on expanding its product lineup, focusing on the mid-weight segment of the superbike market.
As the Indian EV ecosystem grows, with players like Ola Electric and Ather Energy also making strides, Ultraviolette's fundraising highlights the increasing investor confidence in India's electric mobility future. The sector is poised for continued growth as more companies enter the market, contributing to a sustainable transportation revolution.
