E-bike Start-up Ultraviolette Automotive Raises Series D Round Funding

Ultraviolette Automotive, an electric bike manufacturer supported by TVS Motors, has announced that it has secured finance from Exor Capital, which was for an unknown sum. The latest investment, which comes before the country introduces the company’s fast e-bike F77, is claimed to be a part of the current Series-D round of fundraising led by Ferrari-backed Exor Capital.

The company stated that the funding from Exor will be used to increase sales of the electric bike on the domestic market before moving into other markets outside of India.

In November of last year, Ultraviolette introduced an electric bicycle. The Bengaluru-based business has also received investments from organisations like Zoho Corporation, GoFrugal Technologies, and Speciale Invest.

“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.

The company has received over 65,000 pre-order inquiries, with a large portion coming from India, the United States, and Europe.

Two years back (in 2020), this Electric motorcycle startup Ultraviolette Automotive raised capital from GoFrugal Technologies as part of its Series B funding round. The firm, however, did not disclose the amount of the funds raised from GoFrugal in the B round. As per the company statement, backed by a team of strategic investors such as TVS Motor Company, GoFrugal Technologies, and Speciale Invest, Ultraviolette Automotive was looking to scale up its operations in the immediate future by way of expanding the team, investing further in research and development (R&D) and building manufacturing capabilities.