Bengaluru based electric motorcycle manufacturer Ultraviolette has raised 21 million dollars 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, along with other institutional and angel investors including Sriharsha Majety, Ankit Nagori, Aprameya Radhakrishna, and actor Dulquer Salmaan.
The funds will be used to scale up manufacturing, develop advanced battery and smart vehicle technologies, and expand Ultraviolette’s network from its current presence in 20 cities to over 100 cities across India. The company also plans to enter global markets as part of its growth strategy.
Founded by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette focuses on building performance driven and aspirational electric two wheelers designed for international competitiveness.
According to startup data intelligence platform TheKredible, Ultraviolette has so far raised approximately 79 million dollars from investors including TVS Motors, Mudhal Partners, Zoho Corporation, and others.
For the financial year ending March 2024, the company reported operating revenue of 15 crore rupees compared to 8.7 crore rupees in the previous year. However, losses widened to 61.6 crore rupees during the same period.
Ultraviolette sold 543 vehicles in the last financial year and competes with Tork Motors, Revolt Motors, and Ola Electric’s Roadster, among other players in the segment.
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