Bengaluru-based electric motorcycle manufacturer Ultraviolette Automotive has secured $45 million in its ongoing Series E funding round. The investment was co-led by software giant Zoho Corporation and European investment firm Lingotto, signaling strong confidence in the company's growth trajectory. This capital infusion is earmarked for scaling production, advancing battery technology, and fueling both domestic and international expansion efforts.
Strategic Investment for Global Ambitions
The latest funding round unites two powerful backers with distinct strategic advantages for the EV manufacturer. Lingotto, part of Exor which owns Ferrari, brings deep expertise in the performance mobility sector, validating Ultraviolette's premium positioning. Meanwhile, Zoho Corporation's participation underscores a growing commitment to fostering deep-tech innovation within India, providing a strong domestic foundation.
Fueling Production and Technological Advancement
A significant portion of the new capital will be deployed to ramp up manufacturing for the company's flagship models. This includes the high-performance F77 electric sports bike and the recently launched X-47 crossover motorcycle, which has seen strong initial interest. The investment will also accelerate the development of future platforms, currently codenamed Shockwave and Tesseract, expanding their product portfolio.
Co-founder and CTO Niraj Rajmohan emphasized that the funding enables a renewed focus on enhancing core technologies. The company plans to double down on advancing its breakthrough battery systems and elevating the performance capabilities of its vehicles. This commitment to in-house innovation is central to their strategy for meeting increasing global demand and maintaining a competitive edge.
Expanding Market Footprint at Home and Abroad
Ultraviolette is pursuing an aggressive expansion strategy, aiming to significantly broaden its retail presence across India. Having established itself in 30 cities within a year, the company has set a target of reaching 100 cities by mid-2026. This rapid domestic scale-up is complemented by a promising international push, with a presence already established in 12 European countries.
The company's international foray began with the successful launch of the F77 model in the United Kingdom earlier this year. CEO Narayan Subramaniam noted the X-47 crossover's broad appeal, comparing its versatility to the SUV trend in the automotive world. This product strategy is designed to attract a diverse range of riders and capture a larger share of the performance motorcycle market.
Navigating a Competitive Electric Vehicle Landscape
The funding arrives as competition intensifies within India's burgeoning electric two-wheeler market, which is currently led by established players. Ultraviolette has carved out a distinct niche in the premium performance segment, differentiating itself from the mass-market utility scooters. This focus on high-performance engineering and design is key to its brand identity and market positioning.
Since its inception in 2016, the company has prioritized building proprietary technology as a long-term differentiator. While financial reports indicate the company is operating at a net loss, this is common for growth-stage ventures investing heavily in research and development. The backing from prominent investors like TVS Motors, Qualcomm Ventures, and now Zoho and Lingotto validates this long-term strategic approach.
This $45 million investment marks a pivotal moment for Ultraviolette, providing the necessary resources to transition from a promising startup to a major player. The strategic backing from Zoho and Lingotto not only injects capital but also lends significant credibility to its technological prowess and global ambitions. As the company scales production and expands its reach, it is well-positioned to redefine the performance electric motorcycle segment in India and beyond.