Bengaluru-based Ultraviolette Automotive Pvt Ltd (UAPL), which is developing electric two-wheelers, has raised $862K (INR 6 Cr) in a Series A funding round from TVS Motor Company. \r\n\r\nThis is\u00a0TVS\u2019s second investment in UAPL and has increased its holding in the startup to 25.76%, according to a stock exchange filing.\u00a0In 2017, TVS invested $700K (INR 5 Cr) for a 14.78% stake in UAPL. With the latest investment, UAPL\u2019s total funding has touched close to $2.5 Mn, the founder of the startup revealed.\r\n\r\nThe UAPL was founded in 2016 by Niraj Rajmohan and Narayan Subramaniam. They plan to utilise the funds to fine-tune UAPL's\u00a0product engineering work and also to expand its core R&D team and facility. \r\n\r\nThe startup is engaged in developing an electric motorcycle equivalent of conventional bikes in the 200-250 cc segment. It\u00a0plans to launch its first two-wheeler by the end of 2019, the founders\u00a0said.\r\n\r\nSubramaniam said\u00a0the startup is building a high-performance electric motorcycle enabled with smart features such as onboard diagnostics, preventive maintenance, over-the-air upgrades, and ride customisation. \r\n\r\n\u201cWith this investment, we are looking to ramp up the development of high-end electric powertrains, battery modules, and connected technology,\u201d Niraj Rajmohan, founder and CTO of UAPL, said.\r\nNiraj Rajmohan and Narayan Subramaniam, Founders of UAPL\r\nAlong with\u00a0TVS, several angel investors have also\u00a0invested in UAPL. It currently has a 45-member team of employees who hail from aviation, automotive, and consumer electronics backgrounds. \r\n\r\nContradictory to this move, TVS chairman Venu Srinivasan was recently cited as saying, \u201cElectric doesn't make any economic or commercial sense now, so the focus will be only on BS-VI.\u201d The company had earlier said it would launch hybrid and electric vehicles in 2018.\r\n\r\nTVS Motor Company CFO K Gopaladesikan said, \u201cAs a responsible manufacturer, we see immense promise in Ultraviolette Automotive\u2019s vision. It has made significant progress in their product engineering in a short span of time and we are confident that they will build a product that will pave the way for electric mobility in the country."\r\n\r\n\u201cWe believe that TVS Motor Company\u2019s continued support will go a long way in helping us realise our goal of delivering a superior electric vehicle in India,\u201d the UAPL founders said.\r\n\r\nAnother major player, Hero MotoCorp, has also been investing in EV startups. The Board of Hero MotoCorp at its meeting held on July 25 approved an\u00a0investment of $18.6 Mn (INR 130 Cr)\u00a0through compulsorily convertible debentures (CCDs) in Bengaluru-based startup Ather Energy, which launched its flagship electric scooter \u2014 Ather 450 \u2014 in Bengaluru on June 5. It has also launched another ebike \u2014 Ather 340 \u2014 an updated version of its previously unveiled variant S340 (2016). However, Ather\u2019s ebikes are yet to roll out on the roads, and so is UAPL's.\r\n\r\nIn a recent development, another Bengaluru-based electric two-wheeler startup \u2014\u00a0Emflux Motors \u2014 received a small grant from PRAYAS, a non-governmental organisation based in Delhi. The startup is planning to make the EMFLUX ONE superbike available to the public at the beginning of 2019.