TVS Motor Company backed Ultraviolette Automotive Pvt. Ltd. plans to raise $120 million to fund its vehicle development and expansion plan. The maker of F77 high performance electric bikes has commenced deliveries to customers from its manufacturing facility in Bengaluru.
The funds will fuel the company's global expansion plans and support its ongoing vehicle platform development efforts. Ultraviolette has raised over $55 million since inception, and previous financing rounds have seen participation from leading investment companies including Europe's EXOR Capital, US-based Qualcomm Ventures, TVS Motor Company, Zoho Corp, Gofrugal Technologies and Speciale Invest.
This will kick off the company's next stage of growth, which includes setting up dealerships nationwide and expanding its global presence, claimed the company.
Narayan Subramaniam, CEO and Co-founder of Ultraviolette, said, "We are deeply committed to taking the brand global. We are confident that our vehicles will exceed our customers' expectations and that we will continue to drive innovation in the electric vehicle space."
The company is establishing a network of dealerships nationwide, making it easier for customers to purchase and service their Ultraviolette electric vehicles. Ultraviolette is also accelerating its expansion into new international markets, where it sees a growing demand for performance electric motorcycles.
"Our investors share our vision for the future of transportation. With the commencement of deliveries of the F77, it's vital that we keep looking forward and pushing through to Ultraviolette's next phase of growth," said Niraj Rajmohan, Co-founder and CTO of Ultraviolette. "The infusion of funds from partners who share our vision will enable Ultraviolette to scale new vehicle programs, expand our domestic footprint, and accelerate international product rollout," he added.
The F77 is available to customers starting at an ex-showroom price of Rs 3.8 lakh and comes in three forms - Airstrike, Shadow, and Laser which reflect three striking personalities. Each of the forms comes in two variants - the F77 and the F77 Recon with an IDC Range of 206 km and 307 km respectively. The vehicle can be booked from the company’s website.
Recently in January, Ultraviolette also unveiled the F99 Racing platform to the world at the Auto Expo 2023, signaling its foray into electric motorsports as a development ground for cutting-edge advanced technologies in mobility.