E-bike startup Ultraviolette Automotive raises Series D funding
Strong points :
- Ultraviolette Automotive, a backed e-bike manufacturer, has announced that it has secured funding from Exor Capital for an unknown sum.
- The latest investment, which comes before the country introduces the company’s speedy F77 e-bike, is believed to be part of the current Series D fundraising round led by Ferrari-backed Exor Capital.
Ultraviolette Automotive, an e-bike manufacturer backed by TVS Motors, announced that it has secured funding from Exor Capital, for an unknown amount. The latest investment, which comes before the country introduces the company’s speedy F77 e-bike, is believed to be part of the current Series D fundraising round led by Ferrari-backed Exor Capital.
The company said Exor’s funding will be used to increase sales of the e-bike in the domestic market before moving to other markets outside India.
In November last year, Ultraviolette launched an electric bicycle. The Bengaluru-based company has also received investments from organizations such as Zoho Corporation, GoFrugal Technologies and Speciale Invest.
“With this investment, we now have a diverse group of prominent Indian and international institutional investors supporting us on our journey and vision to shape a new era of mobility not only in India but also in global markets,” Narayan said. Subramaniam, co-founder and CEO of Ultraviolette.
The company received more than 65,000 pre-order requests, with a large portion coming from India, the United States and Europe.
Two years ago (in 2020), this electric motorcycle startup Ultraviolette Automotive raised capital from GoFrugal Technologies as part of its Series B funding round. The company, however, did not disclose the amount of funds raised. from GoFrugal in Round B. According to the company statement, backed by a team of strategic investors including TVS Motor Company, GoFrugal Technologies and Speciale Invest, Ultraviolette Automotive was looking to expand its operations in the immediate future by expanding the team, investing more in research and development (R&D) and building manufacturing capabilities.