Bengaluru-based electric motorcycle maker Ultraviolette, on Wednesday, announced to have raised $85 million in a funding round led by Deep Tech Fund Yali Capital and TDK Ventures, the company said on Tuesday.
Lip-Bu Tan, Chairman of Walden International, also participated in the round and has joined Ultraviolette as an advisor, alongside the company’s existing long-term investors.
The round follows Ultraviolette’s recent announcement of a new manufacturing facility with capacity for up to 500,000 units a year.
According to the company, the funds will go towards scaling production of its current motorcycles, the F77 and X-47 Crossover, as well as two upcoming models, the Tesseract scooter and Shockwave enduro motorcycle.
Ultraviolette said the capital will also support development of its next-generation EV platforms, which build on its work in battery technology, power electronics, vehicle architecture and software.
Eyes US Entry by 2027
Ultraviolette currently sells motorcycles in India and 20 European countries, including Germany, France, Spain, Portugal, the UK, Belgium, the Netherlands, Italy, Switzerland and Hungary.
The company said it plans to enter the US market in 2027 and expand into Latin America and South-East Asia.
The company said it has developed battery architectures ranging from 48V to 400V, which it claims makes it one of the few EV manufacturers worldwide with in-house capability across that range.
Ultraviolette says this allows it to design platforms suited to the performance, range, thermal-management and packaging requirements of different vehicle categories.
What the Investors Said
Lip-Bu Tan said Ultraviolette combines “deep engineering expertise, strong IP, and the willingness to take on genuinely difficult problems.”
Ganapathy Subramaniam, Founding Managing Partner at Yali Capital, said the firm was drawn to Ultraviolette’s in-house engineering across battery, powertrain, software and radar systems, as well as its focus on rider safety.
He cited the F77’s rollout in India and Europe, radar-based safety features on the X-47, and the upcoming Tesseract scooter, expected early next year.
Ravi Jain, Investment Director at TDK Ventures, said Ultraviolette is well placed to accelerate adoption of electric two-wheelers and build products for global markets.
Ultraviolette founders Narayan Subramaniam and Niraj Rajmohan said the funding would support manufacturing scale-up, development of future platforms and expansion into international markets, as the company works towards its goal of becoming a global electric mobility brand built out of India.