Total amount raised
$69.2 Millions
Latest funding date
12/01/2024
Location
Ultraviolette Automotive has successfully raised significant funding through multiple rounds, attracting notable investors such as EXOR N.V. and Zoho. The company continues to innovate in the electric vehicle sector, offering advanced two-wheeler solutions aimed at sustainable transportation.
Keep reading to explore the intricacies of Ultraviolette Automotive's fundraising journey and the investors backing this forward-thinking company.
What Is Ultraviolette Automotive?
Ultraviolette Automotive, founded in 2016, is a pioneering company in the electric vehicle industry, specializing in advanced electric motorcycles. The company is headquartered in Bangalore, Karnataka, India, and was founded by Narayan Subramaniam and Niraj Rajmohan.
With an employee count ranging between 501-1000, Ultraviolette Automotive focuses on clean energy and sustainable transportation. Their flagship product, the F77, is designed to offer high performance and an unparalleled user experience, catering to both seasoned riders and enthusiasts.
How Much Funding Has Ultraviolette Automotive Raised?
- Amount Raised: Not specified
- Date: Sep 6, 2017
- Lead Investors: Speciale Invest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their electric motorcycle lineup.
- Amount Raised: Not specified
- Date: Dec 8, 2017
- Lead Investors: TVS Motor Company
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their electric vehicle technology and infrastructure.
- Amount Raised: ₹60M
- Date: Aug 15, 2018
- Lead Investors: TVS Motor Company
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their product lineup and enhance R&D capabilities.
- Amount Raised: ₹300M
- Date: Sep 3, 2020
- Lead Investors: TVS Motor Company
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale production and enter new markets.
- Amount Raised: ₹1.1B
- Date: Dec 9, 2021
- Lead Investors: TVS Motor Company
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support international expansion and increase production capacity.
- Amount Raised: $10M
- Date: Aug 24, 2022
- Lead Investors: EXOR N.V.
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their electric vehicle ecosystem and infrastructure.
- Amount Raised: $24M
- Date: Nov 22, 2022
- Lead Investors: EXOR N.V., Qualcomm Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their product lineup and establish a retail presence in new markets.
- Amount Raised: ₹1.3B
- Date: Dec 5, 2024
- Lead Investors: Zoho
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support international expansion and establish a pan-India presence.
Total Amount Raised: $34M and ₹2.76B. Current Valuation: Not publicly disclosed.
Key Investors
- EXOR N.V.
- Details: EXOR N.V. is a diversified holding company controlled by the Agnelli family. It has significant investments in various sectors, including automotive, media, and financial services.
- Investment Focus Areas: Automotive, media, financial services
- Notable Investments: Ferrari, Fiat Chrysler Automobiles, The Economist Group
- Zoho Corporation
- Details: Zoho Corporation is a software development company known for its suite of online productivity tools and SaaS applications. It has a strong presence in the technology sector.
- Investment Focus Areas: Software development, SaaS applications, technology-driven companies
- Notable Investments: Primarily invests in its own suite of products and technology startups
- TVS Motor Company
- Details: TVS Motor Company is a well-known Indian multinational motorcycle company. It is one of the largest two-wheeler manufacturers in India.
- Investment Focus Areas: Automotive, motorcycles, scooters
- Notable Investments: Its own range of motorcycles and scooters
- Qualcomm Ventures
- Details: Qualcomm Ventures is the investment arm of Qualcomm Incorporated. It focuses on early to growth-stage companies in the technology sector.
- Investment Focus Areas: Technology, mobile, wireless sectors
- Notable Investments: Various technology companies, particularly in the mobile and wireless sectors
- Speciale Invest
- Details: Speciale Invest is a venture capital firm that focuses on early-stage investments. It aims to support innovative startups in various sectors.
- Investment Focus Areas: Technology, innovation, early-stage startups
- Notable Investments: Not publicly disclosed
What's Next for Ultraviolette Automotive?
Ultraviolette Automotive is poised for significant growth, with plans to expand internationally, particularly into European markets. The company aims to establish a pan-India presence by March 2025 and expand its product lineup, focusing on the mid-weight segment of the superbike market. These opportunities are substantial, with the company targeting monthly sales of 1,000 units within the next six to eight months.
Future fundraising looks promising, as Ultraviolette plans to raise $120 million in its next round. This influx of capital will support their ambitious expansion plans and help them stay competitive in the rapidly growing Indian EV sector. However, challenges such as competition from established players like Ola Electric and Ather Energy, and achieving their sales targets, remain significant hurdles.
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