EV Startup Ultraviolette Plans To Raise Up To $75 Million In One Year

MUMBAI: TVS Motor Company-backed electric motorcycle startup Ultraviolette Automotive plans to raise up to $75 million in the next 12-14 months, across series B and C rounds, three people aware of the plan told Mint. Part of the funds will be raised via equity and a small portion of debt in series C next year, said another person, adding that the four-year old startup is currently valued at $50 million. Ultraviolette is talking to several strategic investors who can help the startup beyond primary funding-related requirements. “Our investors will be strategic as they will bring not only funding but also capabilities around IPR, branding, scaling up operations overseas at the right time, among other areas,” said Narayan Subramaniam, founder and chief executive officer at Ultraviolette, which currently has a team of 55. The Bangalore-based startup had unveiled pre-production versions of its first electric motorcycle-named F77-in November last year. Planned in three variants-lightning, shadow and laser-the founders at Ultraviolette plan to position the bike as India’s first performance-oriented electric motorcycle and price them in a range of ?3-3.25 lakh, on-road. Thus, it cannot look at availing government subsidies granted under the Fame-2 scheme. The startup aims to produce and sell up to 10,000 units of the F77 in the first 12 months of its launch.