Ultraviolette Bags Additional $45 Mn Amid Global Expansion

SUMMARY

Ultraviolette has managed to raise an additional $45 Mn in its ongoing Series E funding round

The additional capital infusion in the startup comes from its existing early backers, Sridhar Vembu-led Zoho and European investment management company Lingotto

The fresh funding will be deployed to accelerate the sales and production of F77, X-47 as well as its upcoming EV scooter Shockwave and EV dirt bike Tesseract

Electric premium bike manufacturer Ultraviolette has raised an additional $45 Mn (around INR 404.7 Cr) in its ongoing Series E funding round amid it’s bid to penetrate international markets.

The additional capital infusion in the startup comes from its existing early backers, Sridhar Vembu-led Zoho and European investment management company Lingotto. The E2W manufacturer has been on a fundraising spree, previously raising $21 Mn in August and $15 Mn in December 2024.

Investors like Japan’s TDK Ventures, TVS Motors, Mudhal Partners and Ojas Consultation have backed the startup in the ongoing round till now. Important to note that Zoho and Lingotto has poured in capital across the aforementioned tranches mentioned above.

The capital infusion has allowed the startup to expand its customer base from beyond India to foreign markets. In recent months, Ultraviolette has launched its flagship bike F77 in the United Kingdom and a few European markets like Spain, France, Germany and Portugal in recent months. In India, the startup claims to now command a presence in 30 cities.

The fresh funding will be deployed to accelerate the sales and production of F77, X-47 as well as its upcoming EV scooter Shockwave and EV dirt bike Tesseract.

“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,” cofounder and CTO Niraj Rajmohan said.

While the startup is aggressively expanding, it is plunging deeper into losses. In the fiscal year FY25, Ultraviolette’s net loss ballooned a whooping 89% to INR 116.3 Cr from INR 61.6 Cr in FY24. In the previous fiscal, its losses had skyrocketed over 8X YoY.

However, operating revenue surged 114% YoY to INR 32.3 Cr driven by sales of its bike portfolio. The startup also earned INR 1.6 Cr from servicing and INR 1.1 Cr from sales of accessories in the fiscal year.

The revenue growth failed to translate into a bottom line improvement due to its burgeoning expenses.