Ultraviolette Automotive, a Bengaluru based EV maker has raised ₹30 crore from TVS Motor as part of the newest Series B funding round.
This is not for the first time that TVS has invested in the EV startup, it had invested ₹11 crore in 2018 for an equity stake of 25.76 per cent. The change in TVS’ stake with this latest infusion has not been revealed by the company.
Ultraviolette Automotive is working on a mission to build an ecosystem of high performance electric motorcycles and future-ready energy infrastructure to accelerate the adoption of electric vehicles across India.
The company had also unveiled Ultraviolette F77 bike in 200-250 CC segment recently. According to the report by ANI, the bike is high-end technology and a high performance-oriented motorcycle built with principles used in aviation industry. It is a smart and connected electric motorcycle that comes with remote diagnostics over-the-air upgrades, regenerative braking, multiple ride modes, bike tracking, ride diagnostics and other features.
The bike is to be rolled out next year in a phased manner. Along with this, Ultraviolette is also setting-up a first-of-its-kind energy infrastructure that will ensure availability of energy–on-the-go.
