Ultraviolette raises Rs 130 Cr funding from Zoho, others
The electric vehicle industry in India has been evolving rapidly over recent years. Ultraviolette has swiftly entered the market with a strong presence and innovative offerings. The Bengaluru-based electric motorcycle manufacturer Ultraviolette raises Rs 130 Cr in funding round. This financial milestone reflects growing investor confidence in India’s expanding electric vehicle market.
Strategic Investors Fuel Ultraviolette’s Ambitious Vision
The latest funding round brings together an impressive consortium of investors with diverse technological backgrounds. Zoho Corporation, the renowned SaaS technology company, leads the investment alongside Lingotto Co-Invest Fund I and Mudhal Partners. These strategic investors recognise the immense potential of Ultraviolette’s innovative electric motorcycle technology.
Delving into the technical details, the company’s board approved a nuanced financial instrument. They allotted 4,52,431 preference shares with a nominal face value of ₹10 per share. The premium attached to these shares stands at an impressive ₹2,864, bringing the total issue price to ₹2,874 per share. This calculated approach demonstrates the company’s sophisticated financial engineering.
Global Ambitions and Expanding Horizons
Ultraviolette’s funding triumph arrives at a pivotal moment in its corporate trajectory. The company has already begun its international expansion, dispatching its first batch of indigenously manufactured motorcycles to European markets. This strategic move positions Ultraviolette as a serious contender in the global electric mobility arena.
The company’s roadmap is impressively ambitious. Ultraviolette aims to establish a comprehensive pan-India presence by March 2025. Their target of achieving monthly sales of 1,000 units within the next six to eight months reflects a bold and calculated growth strategy. The focus on the mid-weight superbike segment indicates a carefully considered market approach.
Ultraviolette raises Rs 130 Cr funding
The funding success of Ultraviolette is not an isolated event but part of a larger narrative. The Indian electric vehicle ecosystem is experiencing unprecedented dynamism and investor interest. Notable players like Ola Electric and Ather Energy are making significant strides, with public listing plans and expanded market strategies.
Ultraviolette stands distinguished by its backing from prominent investors like TVS Motor Company and Qualcomm Ventures. Established in 2016, the company has always displayed competency in the technology field and strategic planning. Ultraviolette raises Rs 130 Cr funding. Such future prospects are very evident in the recent round as well as investors’ belief.
Key Takeaways
- The E-bike maker has recently secured ₹130 crore from some of the famous investors like Zoho Corporation.
- The goal of the company is to expand across the country; it currently produces 200 units monthly and it has set a target of producing 1000 units monthly.
- In the case of the electric motorcycle manufacturer, the expansion into the European market is a significant strategic growth initiative.
- The funding implies enhancing investors’ confidence in the Indian electric vehicle market.
- Electric mobility is fast becoming the new norm and Ultraviolette finds itself right in the middle of this revolution.
- Concerning funding, technology, and vision, this company is one of the pioneers for creating an example of how the electrical vehicle of India can be transformed.
