Exclusive: Ferrari Backer Exor Invests $10 Mn In Indian EV Startup Ultraviolette Automotive

SUMMARY

With this investment, Exor will hold around 3.48% stake in Sridhar Vembu-backed Ultraviolette Automotive

The round comes almost eight months after the EV startup raised $15 Mn from Zoho and TVS Motors

Ultraviolette is planning to launch its flagship bike Ultraviolette F77 by end of 2022

Bengaluru-based two-wheeler electric startup Ultraviolette Automotive is raising a fresh round of funding from Amsterdam-based Exor.

The startup is raising close to $10 Mn (INR 79 Cr) by allotting 2,192 Series D compulsory convertible preference shares and 10 equity shares to Exor Co-Invest Fund I ILP.

With this investment, Exor, which is run by Agnelli family, now joins the captable of Sridhar Vembu-backed EV two wheeler manufacturer. Exor is also an investor in Ferrari and holds 22.91% stake in it.

Post this investment, Exor will hold 3.48% stake in Ultraviolette Automotive. This funding seems to be a part of the startup’s ongoing Series D funding round. As per Inc42’s calculations, Ultraviolette Automotive has raised the new round at around $300 Mn valuation.

The new funding round comes almost eight months after Ultraviolette Automotive raised $15 Mn from Zoho Corporation and TVS Motor Company.

Founded in 2016 by Narayan Subramaniam and Niraj Rajmohan, Bengaluru-based Ultraviolette Automotive specialises in sustainable mobility and energy infrastructure.

At the moment, Ultraviolette Automotive is looking to start test rides for its much anticipated and flagship EV bike – Ultraviolette F77. The startup had unveiled the pre-production concept of this bike in 2019 and was set to launch in 2020, but got delayed due to the pandemic. The startup is now eyeing to launch bikes by the end of 2022. It claims to have received over 65,000 pre-order queries from across 190 countries.

The startup claims that its Ulatraviolette F77 has a top speed of 140 kmph and can accelerate from 0 to 60 kmph in 2.9 seconds. The startup has said that the bike will be a smart and connected electric bike with remote diagnostics and OTA upgrades, among others.

The startup directly competes against the likes of Revolt, Pure EV who are manufacturing EV Bikes. If we talk about EV two wheelers, then Ultraviolette Automotive will pit against Ola Electric, Ather, TVS, Hero, among others.