Exclusive: Ultraviolette Raises INR 130 Cr From Zoho, Others

Electric two-wheeler maker Ultraviolette Automotive has raised INR 130 Cr ($15.3 Mn) in a fresh round of funding from its existing investor Zoho, Lingotto (formerly known as Exor Capital), Mudhal Partners, and Ojas Consultation.

Zoho led the funding round with an infusion of INR 90 Cr, the startup’s regulatory filing showed. 

Mails, calls, and text messages sent to Ultraviolette founder Niraj Rajmohan and the startup seeking further details about the funding round didn’t elicit any response till the time of publishing this story. 

Earlier this year, Ultraviolette cofounder and CTO Rajmohan said that the startup was likely to raise $100 Mn. 

Founded in 2016 by Narayan Subramaniam and Rajmohan, Bengaluru-based Ultraviolette Automotive manufactures electric bikes.  

Including the latest funding, the startup has raised a total capital of $75 Mn. It counts Qualcomm, TVS Motor, among others, as its investors. 

Ultraviolette launched its first bike, F77, in India in late 2022. Last month, it launched the F77 Mach 2 at the 110th edition of EICMA, an annual trade show  in Milan. 

The F77 MACH 2, designed and produced in India, has a 10.3 kWh battery pack, the largest in the country. It also features cell-level fuse technology and an IP-67 rated enclosure.

The startup has started exporting this model to the European market, with primary focus on Italy, Spain, France, Germany, and the UK. The ebike is expected to be priced between 9,000 euros to 11,000 euros in Europe, depending on government incentives and taxes.

On the financial front, Ultraviolette incurred a net loss of INR 61.5 Cr in the financial year 2023-24 (FY24) on an operating revenue of INR 15 Cr. 

In the electric two-wheeler industry, the startup primarily competes against the likes of Ola Electric, Ather Energy, Revolt, Hero, among others. 

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