TVS-backed Electric Startup Ultraviolette Automotive Gets Additional Funding

Established in 2016, Ultraviolette Automotive is an electric mobility solutions company based in Bengaluru. In December 2017, TVS Motor acquired a 14.78 per cent stake in the startup. Further reinforcing the brand’s ambitions of building a performance electric motorcycle, TVS has now made an additional investment of Rs 6 crore in the startup. Ultraviolette says its newfound capital will be used for product engineering and further expansion of its core R&D team and facility. Apart from this, they are also looking to ramp up the development of electric powertrains, battery modules and connected technology.

Ultraviolette Automotive aims to create an electric motorcycle that will be superior to the current crop of 200-250cc petrol-powered motorcycles in the country in terms of performance. Just like what Ather did with their 450 electric scooter, this upcoming motorcycle is also planned to be equipped with smart features. Notable ones include on-board diagnostics, preventive maintenance, over-the-air upgrades and ride customization. Here’s the company’s official statement:

Press Release:

Ultraviolette Automotive revs up its high performance electric motorcycle development with additional investment from TVS Motor Company

Investment to be deployed for continued product engineering and R&D

Bangalore, August 13, 2018: Ultraviolette Automotive Pvt. Ltd., an innovator in sustainable mobility and energy infrastructure, today confirmed that it has received an additional investment of Rs. 6 crores from TVS Motor Company. This investment is part of the Series A funding from TVS Motor Company.

Based out of Bangalore, Ultraviolette Automotive is engaged in developing top-of-the-line electric mobility solutions. The company is currently building an electric motorcycle that is driven by progressive design and energy efficient technology that will outperform traditional ICE motorcycles in the 200-250cc segment. The additional investment will be deployed for continued product engineering and further expansion of Ultraviolette Automotive’s core R&D team and facility.

Mr. K. Gopaladesikan, CFO, TVS Motor Company stated, “At TVS Motor Company, we are committed to creating offerings with best-in-class quality, cutting-edge technology and that delights the customer. As a responsible manufacturer, we see immense promise in Ultraviolette Automotive’s vision of bringing innovative and sustainable electric vehicles in India. Ultraviolette Automotive 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.”

Commenting on the investment, Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive Pvt. Ltd. said, “This investment is a validation of TVS Motor Company’s faith in our product and the progress we have made so far with our motorcycle. We are building a high performance electric motorcycle that brings together the best of technology and design to deliver an unmatched user experience. The motorcycle will be enabled with smart features such as on-board diagnostics, preventive maintenance, over the air upgrades and ride customization. We believe that TVS Motor Company’s continued support will go a long way in realizing our goal of delivering a superior electric vehicle in India.”

“We see great long term synergy in our partnership with TVS Motor Company considering the rich heritage and decades of industry experience they bring, and the innovations in design and technology at Ultraviolette Automotive. With this investment, we are looking to ramp up the development of high-end electric powertrains, battery modules and connected technology”, said Niraj Rajmohan, Founder and CTO, Ultraviolette Automotive Pvt. Ltd.