TVS Motor, Zoho invest in Ultraviolette ahead of its F77 electric motorcycle launch
Ultraviolettehas raised ₹112.5 crore (approximately $15 million) from TVS and Zoho Corporation, as per regulatory filings.
- The company will use the latest Series C fund to launch its F77 high-performance electric motorcycle.
- TVS had first invested in Ultraviolette back in 2017 and has been increasing its shareholding in the company since then.
AdvertisementIndian multinational automotive company TVS and software-as-a-services (SaaS) giant Zoho Corp have announced their investment in electric two wheeler company
According to Ministry of Corporate Affairs filings, Ultraviolette has raised ₹112.5 crore (approximately $15 million) from TVS and Zoho Corporation. Its valuation is estimated to be $200 million as per Inc42. The company has not officially confirmed the financial details of this transaction.
The company will use the latest Series C fund to launch its F77 high-performance electric motorcycle, which is currently in the final stages of testing. It expects to launch the electric vehicle (EV) in the first half of 2022.
The Bengaluru-based startup had first showcased the electric motorcycle in November 2019 and it has received over 50,000 booking requests so far.
‘’What impressed me most about Ultraviolette is their approach towards building the EV experience in the country -- one that is focused on high performance, disruptive design and technology, and superior user experience, all built and developed right here in India. There is no doubt that the future of mobility is electric, and innovation has to be at the forefront of product disruption,” Zoho Corporation’s founder and chief executive (CEO) Sridhar Vembu said.
Ultraviolette Automotive was founded in 2016 by Narayan Subramaniam and Niraj Rajmohan. It develops sustainable mobility and energy infrastructure.
The company has raised over $20 million to date from marquee investors like Speciale Invests, GoFrugal’s Kumar Vembu. TVS had first invested in Ultraviolette back in 2017 and has been increasing its shareholding in the company since then.
Sudarshan Venu, Joint Managing Director at TVS Motor Company, said, “EVs are a huge focus area for us and we have invested in this area for over a decade. TVS is committed to developing exciting and aspirational products and we have always believed that EV development has to be ground-up for us to make that quantum leap into the global EV revolution.”
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