Monday, September 25, 2023
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[Funding alert] EV startup Ultraviolette Automotive raises funding

Ultraviolette Automotive, an electric two-wheeler startup has raised an undisclosed amount of funding in series D round from EXOR Capital.

Ultraviolette Automotive, an electric two-wheeler startup has raised an undisclosed amount of funding in series D round from EXOR Capital.

The company plans to use the funds to expand its presence in India, increasing the scale of the F77 motorcycle, as well as for subsequent expansion in the international market including trails, certification and sales.

The Bengaluru-based Ultraviolette Automotive was founded in 2016 by Narayan Subramaniam and Niraj Rajmohan, It is an electric two-wheeler business that specializes in renewable energy and sustainable transportation.

Read also – [Funding alert] SaaS platform Scalenut raises $3.1 mn in funding

The company is all set to launch its flagship EV bike Ultraviolette F77 in India.

Since the unveiling of the F77, it has progressed on the motorcycle in various parameters. It recently concluded its first public test ride with an elite group of pilots from the aviation community to showcase the F77’s state-of-the-art specifications and capabilities.

It has received over 65,000 pre-order interests, of which India, the United States and Europe represent a significant portion of these numbers.

“The investment from EXOR is a testament to our uncompromising ambition to redefine the future of mobility. We see perfect synergies and uniquely exciting opportunities of working together with EXOR. We believe that their expertise in working with brands like Ferrari and Stellantis and building great companies will be integral in carving a distinct identity for Ultraviolette and the F77 across the world”, said, Niraj Rajmohan, Co-Founder and CTO, Ultraviolette.

Narayan Subramaniam, Co-founder and CEO, Ultraviolette, said, “We are thrilled to have EXOR Capital as our investor and believe we have found the perfect partner, given its multi-generational, entrepreneurial experience of working with some of the world’s most admired and loved brands. 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.”

Nikhil Srinivasan, Managing Partner at EXOR Capital, said, “EXOR Capital has a strong interest in innovation and sustainability. We believe, Ultraviolette is an opportunity that covers both. We are delighted to work with the founders and respect their vision in the mobility space.”

About Ultraviolette Automotive

They, at Ultraviolette, believe in a future with clean energy and sustainable transportation.

Over the next 15 years, cities will account for nearly 90 percent of global population growth, 80 percent of wealth creation, and 60 percent of total energy consumption.

They aim to build an ecosystem that addresses the transportation needs of an urban environment.

Their Vision is to create and inspire the future of sustainable urban transportation through Accelerated Innovation. They develop systems and products that reflect a progressive ideology. They synthesize design and technology to create new dimensions in advanced engineering and seamless user experiences.

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