Ultraviolette Secures $85M to Power Global EV Expansion

Ultraviolette Announces $85 Million Funding Round to Advance its Next Generation of Global EV Platforms

• Round was led by Deep Tech Fund Yali Capital and TDK Ventures.
• Lip-Bu Tan, Chairman, Walden International invests in Ultraviolette; comes on board as Advisor to Ultraviolette.
• The fresh infusion of funds follows Ultraviolette's announcement of its new manufacturing facility scaling production up to 500,000 units annually.
• Ultraviolette currently offers the F77 and X-47 Crossover electric motorcycles with state-of-the art design, technology and performance; soon to be launched products include the Tesseract scooter and Shockwave enduro motorcycle.
• Ultraviolette currently retails in India and 20 European countries.
• Targets entry into the US market in 2027.

Ultraviolette today announced a new funding round of $85 million. The round was led by Deep Tech Fund Yali Capital and TDK Ventures and investment from Lip-Bu Tan, Chairman of Walden International & Advisor to Ultraviolette, alongside Ultraviolette's current and long-term investors.

The funding marks an important milestone in Ultraviolette's journey as it scales its manufacturing capabilities, advances the development of its next generation of electric vehicle platforms and accelerates its international expansion. The company is targeting entry into the United States in 2027, alongside a broader expansion across key markets in Latin America and South-East Asia.

Ultraviolette will deploy the capital towards scaling production for its current products F77 and X-47 and upcoming products, Tesseract and Shockwave, to serve the rapidly growing domestic and international demand.

This investment will also support the development of Ultraviolette's next generation of global EV platforms. These platforms will build upon the company's vertically integrated capabilities across battery technology, power electronics, vehicle architecture and intelligent software.

Lip-Bu Tan, Chairman of Walden International commented, "What I really like about Ultraviolette is the combination of deep engineering expertise, strong IP, and the willingness to take on genuinely difficult problems. They have built the technology from first principles and are focused on creating something that is truly differentiated for the long term."

Ganapathy Subramaniam, Founding Managing Partner, Yali Capital said, "India's shift towards cleaner mobility will increasingly be driven by electric two-wheelers, given the scale of the segment. What attracted us to Ultraviolette is the depth of engineering the team has built in-house; from the battery, powertrain to software and radar and their focus on applying this technology to real rider needs, especially safety. Ultraviolette has taken the F77 from concept to the roads in India and Europe, and brought radar-based safety features into a production two-wheeler with the X-47. With the Tesseract, launching early next year, they will bring this engineering and safety focus to scooters and a much wider set of riders. This combination of deep technology, product focus and ambition gives us strong conviction in Ultraviolette, and we are proud to back them."

Ravi Jain, Investment Director, TDK Ventures commented, "The adoption of electric two-wheelers can be accelerated by superior products powered by differentiated technology. We continue to believe that Ultraviolette is best positioned to catalyze this transition and build winning products for global markets."

Ultraviolette Founders Narayan Subramaniam & Niraj Rajmohan, shared "This funding round represents an important step in Ultraviolette's evolution into a global electric mobility company. The conviction demonstrated by Yali Capital, TDK Ventures, Lip-Bu Tan and our long-term investors reinforces our vision of building a design and tech focused global brand out of India. This investment will enable us to scale manufacturing, accelerate the development of our future product platforms and deepen our presence across international markets. Our single minded focus is about being a global leader in future mobility; electric vehicles that bring together uncompromising performance, future centric design and advanced technology."

Ultraviolette has built deep technical capabilities spanning battery architectures from 48V to 400V, enabling the company to develop electric mobility solutions across multiple vehicle segments and performance requirements. Ultraviolette is one of the only electric vehicle manufacturers globally with in-house technology capabilities spanning this range of battery architectures. This breadth of expertise gives the company the ability to engineer platforms around the specific performance, range, thermal-management and packaging requirements of different vehicle categories.

About Ultraviolette Automotive:

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. It is the first Indian electric manufacturer to secure a European certification for its motorcycles. Ultraviolette has expanded its global footprint, exporting to 20 countries across Europe including Germany, France, Spain, Portugal, the UK, Belgium, Netherlands, Italy, Switzerland and Hungary.

For more information, visit https://www.ultraviolette.com/

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.