Bengaluru-based electric vehicle (EV) startup, Ultraviolette Automotive Pvt Ltd, which is currently building an electric motorcycle, has announced that the company has received an additional investment of ₹6 crore from TVS Motor Company.
The investment is part of the Series A funding from TVS to Ultraviolette. The additional investment will be deployed for continued product engineering and further expansion of Ultraviolette Automotive’s R&D team and facility.
Founded in 2014, by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette is a electric mobility solutions provider currently building an electric motorcycle that is said to outperform traditional internal combustion engine motorcycles in the 200-250 cc segment.
Niraj Rajmohan, Founder and CTO, Ultraviolette Automotive Pvt. Ltd., said “We see great long term synergy in our partnership with TVS Motor Company considering the rich heritage and decades of industry experience they bring, and the innovations in design and technology at Ultraviolette Automotive. With this investment, we are looking to ramp up the development of high-end electric powertrains, battery modules and connected technology.”
K Gopaladesikan, CFO, TVS Motor Company, said on the company’s investment, “At TVS Motor Company, we are committed to creating offerings with best-in-class quality, cutting-edge technology and that delights the customer.”
“As a responsible manufacturer, we see immense promise in Ultraviolette Automotive’s vision of bringing innovative and sustainable electric vehicles in India. Ultraviolette Automotive has made significant progress in their product engineering in a short span of time and we are confident that they will build a product that will pave the way for electric mobility in the country,” said Gopaladesikan
TVS Motor Company bought a 14.78 per cent stake in Ultraviolette Automotive Pvt Ltd., in December 2017.
In last one year or so, almost all automobile major in India have invested in electric mobility startups. In June, Bharat Forge invested $13.5 million in Tevva Motors, a British and Israeli electric truck company operating in UK. Prior to this, the auto major had also invested about Rs 300 million to acquire 45% stake in Pune-based electric vehicle startup TORK Motors.
In February this year, another Indian automobile firm Mahindra & Mahindra Ltd invested about $1 million in Mumbai-based connected car IoT-device making startup Carsense (formerly Carnot) for 22.9% stake in Carnot Technologies Pvt Ltd, the parent company of brand name Carsense.
In May this year, Indian electric vehicle industry suffered a push back when the much awaited FAME-II scheme roadmap, which could subsidize the EV purchase in India, has been postponed to indefinite time as government think tank NITI Aayog and various ministries are having a tough time building consensus regarding future roadmap to boost electric mobility in India.
Source – NDTV Auto
[Top Image – Facebook.com/Ultraviolette]