One of the most widely-read pieces of news from the EV industry takes us down south in India; a destination about which it may not be wrong to say is the beating heart of the EV industry in the country.
Ultraviolette, which has been in operation for the last six years and eight months, has raised a whopping $10 Mn (79 cr) in a recent funding round from Amsterdam-based Exor.
Exor, it ought to be stated, is owned by the Agnelli family and is also a Ferrari shareholder (owning 22.91% of the company). Furthermore, Exor will hold a 3.48% stake in Ultraviolette Automotive with this investment.
The company’s co-founder and CTO Narayan Subramaniam said, “With this investment, we now have the support of a diverse collection of illustrious Indian and foreign institutional investors, who share our goal for bringing about a new era of mobility not just in India but also in other countries around the world.”
Previously, Ultraviolette Automotive, which has a registered office in Bangalore, Karnataka had raised $15 Mn from Zoho Corporation and TVS Motor Company. Ultraviolette was founded a few years back, 2016 to be precise by Narayan Subramaniam and Niraj Rajmohan.
The start-up known for its versatile electric bikes had showcased the pre-production model of this bike in 2019 and was set to start delivering by 2021 but due to the pandemic, the plan got delayed.
According to Ulatraviolette, their first-ever bike, i.e., the F77 has a top speed of 140kmph and can accelerate from 0 up to 60kmph in just 2.9 seconds. The bike will be a smart and connected electric bike with remote diagnostics and OTA upgrades.
The company is planning to start the test during the festive session, the motorcycle has already received over 65,000 orders from India, the USA, and Europe.