Ultraviolette Raises $45M Series E from Zoho & Lingotto, Strengthening India’s Global EV Play

• This growth capital in Ultraviolette will accelerate the domestic and international scale up of current products F77 and X-47 and future product platforms Shockwave and Tesseract
• The investment from Zoho Corporation was led by Sridhar Vembu, Mani Vembu and Kumar Vembu
• Ultraviolette recently launched the X-47 Crossover electric motorcycle which has seen high demand across the country
• Ultraviolette has expanded to 30 cities across India in a short span of 12 months and is expanding to 100 cities by mid-2026

Ultraviolette, today announced that it has secured $45 million as part of its ongoing Series E round. The latest infusion comes from leading Indian technology company Zoho Corporation, and Lingotto one of Europe's largest investment management companies.

This continued momentum in Ultraviolette’s Series E round underscores sustained investor confidence in the company’s growth trajectory and global ambitions. With the F77 and the recently launched X-47, Ultraviolette has built a unique design and technology-led enterprise.

We are glad to announce our Series E investment from Zoho and Lingotto, said Narayan Subramaniam, Co-Founder & CEO, Ultraviolette. Lingotto’s legacy of backing iconic performance and mobility brands, combined with Zoho’s long-term commitment to fostering cutting-edge Indian innovation, aligns perfectly with Ultraviolette’s mission to build category-defining electric mobility solutions for India and global markets.

Niraj Rajmohan, CTO & Co-Founder, Ultraviolette commented, With the ongoing Series E investments, we are doubling down on growth and expanding our production to meet increasing demand. Our focus is on advancing breakthrough battery technology, elevating performance capabilities and expanding production to support upcoming product platforms. This investment will accelerate our journey towards scaling into India and global markets.

Ultraviolette (UV) is an innovator in future-ready Electric Vehicle Platforms and Battery Technology. Infused with Aviation DNA, this enterprise was conceived in 2016 by the founders, Narayan Subramaniam and Niraj Rajmohan. Ultraviolette is backed by a spectrum of global investors, including Lingotto, TDK Ventures, Qualcomm Ventures, Zoho Corporation, TVS Motors, and Speciale Invest.

Ultraviolette Secures $21 Mn with Strategic Backing from Japan's TDK Ventures and Existing Investors

• The investment round of $21M saw strategic participation from TDK Ventures and strong continued backing from existing investors Zoho Corporation and Lingotto (previously Exor Capital) among other leading institutional investors.
• Ultraviolette is actively expanding its retail footprint across India, scaling from its current presence in 20 cities to over 100 cities nationwide.
• F77 is the first Indian E2W to receive European Certification and to be sold across 10 countries in Europe.
• TDK Ventures now joins Ultraviolette’s distinguished group of institutional investors, which includes Qualcomm Ventures LLC, Zoho Corporation Private Limited, Speciale Invest, Lingotto (a subsidiary of Exor N.V.), and TVS Motor Company Limited.
• Other notable investors include Sriharsha Majety (Co-founder & CEO, Swiggy), Ankit Nagori (Co-founder, Cure Foods; former Chief Business Officer, Flipkart), Aprameya Radhakrishna (Co-founder, TaxiForSure), and Dulquer Salmaan (renowned actor and automotive enthusiast).

Ultraviolette, today, announced a strategic investment from TDK Ventures, the corporate venture capital arm of TDK Corporation (TSE: 6762). This partnership represents a pivotal step in Ultraviolette’s mission to develop and scale globally competitive performance-oriented EVs, that embodies Indian innovation and engineering excellence.

TDK Ventures now joins Ultraviolette’s distinguished group of institutional investors, which includes Qualcomm Ventures, Zoho Corporation, Speciale Invest, Lingotto (Previously Exor Capital), and TVS Motor Company. Other notable investors in Ultraviolette include Sriharsha Majety (Co-founder & CEO, Swiggy), Ankit Nagori (Co-founder, Cure Foods; former Chief Business Officer, Flipkart), Aprameya Radhakrishna (Co-founder, TaxiForSure), and Dulquer Salmaan (renowned actor and automotive enthusiast).

Ultraviolette was founded with a vision to craft electric vehicles that combine futuristic designs with precision engineering. Following years of rigorous R&D, Ultraviolette’s flagship motorcycle- the F77 has set new benchmarks in performance, safety, and technology, establishing itself as one of the world’s most advanced electric two-wheelers today. With a well-established foundation, Ultraviolette is now scaling up manufacturing, accelerating research, expanding its distribution network, and bringing its product portfolio to global markets of the world.

“Mobility is undergoing a radical transformation, and at Ultraviolette, we are leading that change through cutting-edge innovation. Our partnership with TDK Ventures fast forwards our efforts, from advanced battery platforms to intelligent vehicle systems. This collaboration not only accelerates our vision of future ready mobility but also reinforces our commitment to delivering electric vehicles that are aspirational and globally relevant”, stated Narayan Subramaniam, CEO and Co-founder of Ultraviolette.

Niraj Rajmohan, CTO and Co-founder of Ultraviolette, commented, “Through this partnership with TDK Ventures, Ultraviolette will continue to innovate in deep-tech to shape the future of mobility. Together, we will continue to push the boundaries in building safer, smarter, and a more efficient electric mobility eco-system.”

TDK Ventures is committed to supporting disruptive startups that are driving scalable solutions in energy, mobility, and sustainability - key sectors that are shaping the future of global economy. Its investment, as part of Ultraviolette’s latest funding round represents TDK Ventures’ commitment to advancing sustainable transportation technologies around the globe. This strategic investment positions TDK Ventures at the forefront of India's electric two-wheeler revolution.

Ravi Jain, Investment Director of TDK Ventures, commented, “We look forward to bringing our TDK Goodness to Ultraviolette and their ambitious plan to design the next generation of energy efficient and performance EV 2W platforms. TDK Ventures is excited to support Ultraviolette in their relentless pursuit of growing their global reach."

In late 2023, TDK Ventures launched its Bengaluru Innovation Hub to empower India’s exceptional entrepreneurs to scale their technologies globally by leveraging its expertise in nurturing deep-tech startups around the world.

TVS Acquires 15% Stake in Electric Two-Wheeler Startup Ultraviolette

TVS, India's third largest two-wheeler manufacturer, has announced that it has bought a 14.78% stake in Ultraviolette Automotive Pvt. Ltd, a Bengaluru-based startup working on electric two-wheelers and energy infrastructure.

The total cost of acquisition of stake was valued at a little over Rs.5 crore, TVS said in a stock exchange filing.

Notably, Ultraviolette has yet to launch its electric two-wheelers. The startup has has tested three prototypes till now and has not launched any electric two-wheeler.

According to the exchange filing, Ultraviolette had just Rs 3.21 lakh revenue in 2016-17.

Ultraviolette was founded in December 2015 by Niraj Rajmohan and Narayan Subramaniam, alumni of the BMS College of Engineering, Bengaluru.

The development was first reported in Business Standard.

It is notable that TVS not the first two-wheeler manufacturer who has invested in the country's electric two-wheeler startup. Earlier, in October 2016, Hero MotoCorp Ltd had acquired a stake in Ather Enerygy, which is also a electric two-wheeler startup, also backed by Ratan Tata. Hero invested Rs.205 crore in Bengaluru based EV startup Ather Energy Pvt. Ltd .

Meanwhile, TVS is developing an electric scooter code-named U218 as other two-wheeler makers such as Bajaj Auto Ltd, Honda Motorcycle and Scooter India Pvt. Ltd, Mahindra 2 Wheelers Ltd and India Yamaha Motor Pvt. Ltd are all set to launch electric two-wheelers in 2018, according to a report in The Economic Times.