Electric motorcycle manufacturer Ultraviolette has secured ₹130 crore in funding as part of the growing interest in India’s electric vehicle (EV) sector.
The funding round saw participation from both existing and news investors, including SaaS company Zoho Corporation, Lingotto Co-Invest Fund I, and Mudhal Partners, among others.
The company’s board approved the allotment of 4,52,431 0.0001% Series E1 compulsorily convertible preference shares of face value of Rs 10 at a premium of Rs 2,864. This brings the total issue price to Rs 2,874 per share, a Registrar of Companies filing showed.
Founded in 2016, Bengaluru-based Ultraviolette manufactures electric motorcycles, and is backed by prominent investors, including TVS Motor Company and Qualcomm Ventures, among others, which are part of its captable.
In February, YourStory had reported that the company is looking to raise $120 million in its next round of funding.
The fundraise comes amidst Ultraviolette disclosing international expansion plans. In September, the company flagged off its first batch of Indian made motorcycles to European markets.
According to a report by Hindu BusinessLine, the company is gearing up to establish a pan-India presence by March 2025, and achieve monthly sales of 1,000 units within the next six to eight months. It is also expanding its product line-up, focusing on the mid-weight segment of the superbike market.
The Indian electric vehicle (EV) ecosystem is seeing increased activity with Bhavish Aggarwal-led Ola Electric listing on public bourses earlier this year and Ather Energy expecting to list on stock exchanges. Both companies have announced plans to enter the electric motorcycle market.
