Ultraviolette raises $21 Mn led by TDK Ventures, others

Electric bike startup Ultraviolette has raised $21 million in a strategic funding round led by TDK Ventures, the corporate venture capital arm of Japan’s TDK Corporation.

The round also saw participation from existing investors zoho Corporation and Lingotto (formerly Exor Capital), along with other institutional and angel investors including Sriharsha Majety (Swiggy), Ankit Nagori (Curefoods), Aprameya Radhakrishna (TaxiForSure) and actor Dulquer Salmaan.

The startup plans to use the funds to scale manufacturing, advancing battery and smart vehicle technologies and expanding Ultraviolette’s presence from 20 to over 100 cities in India, alongside planned entry into global markets.

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"Mobility is undergoing a radical transformation, and at Ultraviolette, we are leading that change through cutting-edge innovation. Our partnership with TDK Ventures fast forwards our efforts, from advanced battery platforms to intelligent vehicle systems. This collaboration not only accelerates our vision of future ready mobility but also reinforces our commitment to delivering electric vehicles that are aspirational and globally relevant", stated Narayan Subramaniam, CEO and Co-founder of Ultraviolette.

Ravi Jain, Investment Director of TDK Ventures, commented, "We look forward to bringing our TDK Goodness to Ultraviolette and their ambitious plan to design the next generation of energy efficient and performance EV 2W platforms. TDK Ventures is excited to support Ultraviolette in their relentless pursuit of growing their global reach."

About Ultraviolette

Founded in 2016 by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette, founded to create electric vehicles blending futuristic design and precision engineering, has redefined the segment with its flagship F77—one of the world’s most advanced electric two-wheelers in performance, safety, and technology. 

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With a strong foundation, the company is now ramping up manufacturing, advancing R&D, expanding its network, and entering global markets.

In FY24, Ultraviolette’s operating revenue rose to Rs 15 crore from Rs 8.7 crore in FY23, while losses widened to Rs 61.6 crore. The company sold 543 vehicles during the year and has yet to file its FY25 annual report.