TVS Buys Stake In EV Startup Ultraviolette Automotive

Just a few days after launching its flagship motorcycle, the TVS Apache RR 310, the Hosur-based company has made some interesting development on the EV (electric vehicle) front. According to reports, the company now holds 14.78 per cent stake in Ultraviolette Automotive, a Bengaluru-based EV startup. This investment is set to help TVS break into the electric two-wheeler market.  

Also read - TVS Apache RR310 : First Ride Review

The startup was founded by Niraj Rajmohan (CTO) and Narayan Subramaniam (CEO) in December 2016. Since then, the 13 member crew has been thoroughly testing different electric two-wheeler prototypes and battery packs. A few prototypes are even ready for mass production! With TV getting involved, we can expect the research and development phase to get accelerated. It is also possible that we could witness TVS launching an electric scooter soon enough. 

With this, TVS has officially become the second big automaker in the country to invest in an EV company. The first company was Hero MotoCorp, which invested over Rs 180 crore in Bengaluru-based Ather Energy. Earlier in 2016, Tork Motorcycles, an electric two-wheeler company, was successful in raising funding from OLA. 

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With the deal still being at a very early stage, it is difficult to guess how it will pan out for TVS. However, it will definitely help the company in being a serious contender in the world of electric two-wheelers. TVS will also be showing few electric two-wheeler concepts at the 2018 Auto Expo and the above investment only ascertains its focus on EVs, which is likely to gather momentum in the next few years.