Ultraviolette Automotive Bags Funding To Launch Its Electric Two-Wheeler Soon

Electric mobility startup Ultraviolette Automotive has raised an undisclosed amount of investment in Series D funding round from Qualcomm Ventures and Lingotto, which was earlier known as Exor Capital.

The development has come three months after Inc42 reported Ultraviolette raised about $10 Mn from Amsterdam-based Exor in Series D funding round. Post this transaction, the startup was valued at $300 Mn. 

Set up in 2016 by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette offers sustainable mobility and energy infrastructure solutions. 

“Qualcomm Ventures is proud to support Ultraviolette, which is committed to raising the bar on performance and safety standards of electric two-wheelers. We look forward to the acceleration of the transformation that is already underway within the automotive industry by enabling companies,” said Quinn Li, senior vice-president of Qualcomm Technologies Inc. and global head of Qualcomm Ventures.

Ultraviolette will use the funds to expand its presence in India and in the international market. It will also strengthen its tech capabilities. 

Further, the startup will launch its electric two-wheeler Ultraviolette F77 on November 24th. For this, it has already started taking pre-orders from October 23rd and will deliver its first batch of motorcycles in Bengaluru.

“As we countdown to the commercial launch of the F77 in India, this investment is a testament to the fact that we have been able to create a distinct identity for Ultraviolette and the F77 and build aspiration for the product across global audiences,” said Narayan Subramaniam, cofounder and CEO of Ultraviolette. 

In the two-wheeler EV space, the startup competes with the likes of Revolt, Pure EV, Ola Electric, Ather, TVS and Hero, among others. 

As per the report, the country’s EV market was pegged at $1,434 Bn in 2021. The sector is set to grow to  $15,397 Bn space by 2027, growing at a CAGR of 47.09% during 2021-27.

Of late, a slew of fundraisings occurred in the EV space. Motorad securing INR 24 Cr, Corrit Electric raising $9 Mn,  MoEVing raising $2.5 Mn and Ather Energy bagging $50 Mn are a few examples.