EV startup Ultraviolette Automotive has raised $21 million

Bengaluru-based startup Ultraviolette Automotive has raised $21 million (~Rs 184 crores) in investment led by TDK Ventures, the corporate venture capital arm of Japan’s TDK Corporation.

Founded in 2016 by childhood friends Narayan Subramaniam and Niraj Rajmohan, Ultraviolette is one of the premier electric motorcycle startups in India. The company established its first manufacturing and assembly facility in 2019 in Bengaluru.

The company has attracted many strategic investments. In December 2021, Ultraviolette Automotive raised about $15 mn from India’s leading automotive company TVS and software giant Zoho Corp. Eight months later, it raised $10 mn (~Rs 79 crore) from Amsterdam-based Exor, Ferrari’s holding company.

It has also raised money from Malayalam film star Dulquer Salmaan, Qualcomm Ventures, Lingotto, Mudhal Partners and Ojas Consultation.

In 2022, Ultraviolette Automotive launched its first electric motorcycle, the F77 model, offering a range of over 186 miles (300 km) and a top speed of 96 mph (150 km/h).

Two years later, Ultraviolette launched a second generation of the F77, called the F77 Mach 2, which also features a patented stability control technology.

Earlier this year, the company launched the F77 Superstreet electric motorcycle in India, a street-oriented version of the F77 Mach 2, featuring comfortable ergonomics for long-distance riding.

The product portfolio also includes the electric scooter, Tesseract, and a lightweight electric motorcycle, Shockwave. Both these products are available for pre-booking.

Apart from serving India, the Bengaluru startup has expanded into multiple European countries, such as France, Germany, Portugal, Austria, Switzerland, Spain, and the United Kingdom.

With this fresh infusion, Ultraviolette looks to grow its domestic presence in India and also in Latin America and Southeast Asia markets.

While electric scooters have been leading India’s electric two-wheeled market, electric motorcycles are slowly seeing a rapid transformation and growth driven by evolving consumer attitudes, technological innovation, and the urgency for sustainable urban mobility.

Ultraviolette is set to face competition from legacy brands and startups, including Revolt, Hop Electric, Tork Motors, Oben Electric, Raptee, etc, but sustained growth will depend on infrastructure, battery technology, and evolving consumer expectations.