The electric motorcycle manufacturer Ultraviolette Automotive has secured $45 million in fresh capital as part of its ongoing Series E funding round.
The new investment comes from two key players:
Zoho Corporation, led by its CEO Sridhar Vembu, along with Mani and Kumar Vembu.
Lingotto, a European investment firm that is a wholly owned subsidiary of Exor NV, the holding company of Ferrari.
This latest funding infusion adds to the $21 million the company had previously raised in this round from investors including TDK Ventures. Ultraviolette's existing global investors also include TVS Motor, Qualcomm Ventures, and Speciale Invest.
Purpose of the Funding
The company will utilize the $45 million to accelerate its next phase of growth, focusing on:
Scaling Production and Sales: Ramping up manufacturing and sales of its current models, the flagship F77 electric sportbike and the recently launched X-47 crossover motorcycle.
Product Development: Advancing its upcoming product platforms, which are codenamed Shockwave and Tesseract.
Technology Advancement: Doubling down on advancing breakthrough battery technology and enhancing performance capabilities.
Global Expansion: Accelerating its scale-up efforts in India and global markets.
Growth and Expansion
Ultraviolette has demonstrated rapid growth, expanding its retail footprint to 30 cities across India in the last 12 months, with a target of reaching 100 cities by mid-2026.
Internationally, the company recently launched the F77 in the United Kingdom, extending its presence to 12 countries in Europe.
Narayan Subramaniam, Co-Founder and CEO of Ultraviolette, stated that Lingotto's legacy of backing iconic performance brands combined with Zoho's commitment to Indian innovation perfectly aligns with the company's mission to build category-defining electric mobility solutions for India and global markets.
The company is also reportedly eyeing an Initial Public Offering (IPO) by the financial year 2027-28.