Ultraviolette Automotive, an Indian electric two-wheeler manufacturer, is raising an additional Rs 373.04 crore as part of its ongoing Series E funding round. Regulatory filings show that shareholders approved the preferential issuance of Series E3 and Series E4 compulsorily convertible preference shares. The fresh capital is expected to support the company's expanding production capacity and broader product portfolio.
Investor Participation in the Series E Round
The company has allotted 8.15 lakh Series E3 preference shares at Rs 2,435 each, raising Rs 197.5 crore. It also issued 7.24 lakh Series E4 shares to secure another Rs 175.5 crore. Of this amount, Rs 249.2 crore is coming from Yali Capital's Yali Deeptech Fund I and TDK Ventures.
A set of angel investors also participated, including Adi Hirji Jehangir, Anshumi Desai, Janak Desai, Mahak Khabia and Zafar Ahmadullah. The startup described these investments as part of an ongoing fundraise and declined to share additional details. The current activity follows a USD 45 million Series E investment from Zoho and Lingotto almost a year ago.
Overall, Ultraviolette has raised more than USD 135 million to date from backers such as TVS Motors, Qualcomm Ventures, Breathe Capital and Mudhal Partners. Zoho and Lingotto participated in an earlier Series E tranche, while Yali Capital is a new investor through its Yali Deeptech Fund I. TDK Ventures first backed the startup in August 2025 when it led a USD 21 million funding round.
Manufacturing Capacity and Product Strategy
Ultraviolette is investing more than Rs 1,000 crore over five years to expand its manufacturing footprint. Around Rs 800 crore will go toward the upcoming BIGGA Factory, while Rs 200 crore is being deployed to expand the existing Bengaluru plant. The new facility is expected to reach an initial annual capacity of 2.5 lakh vehicles and can eventually scale to 5 lakh units.
Demand across the current portfolio already exceeds 10,000 units per month, according to the founders. The company also reports tens of thousands of bookings for upcoming products such as Shockwave and Tesseract. Co-founders Narayan Subramaniam and Niraj Rajmohan said the F77 was the first expression of an electric-vehicle platform approach, followed by the X-47 crossover.
International Expansion and Market Position
The company aims to generate around 25 percent of revenue from exports over the next five years. Ultraviolette launched its F77 motorcycles in the United Kingdom in November and says it is present in 12 European countries. The founders view the BIGGA Factory as a step toward building a global electric mobility business.
Domestically, the broader electric two-wheeler market has shown volatility, with registrations declining in August. Ultraviolette sold 583 electric two-wheelers in August, down from 702 units in July, giving it a 0.3 percent market share. Despite this, the company is positioning itself to move beyond its premium performance origins into larger customer segments.
Ultraviolette's latest fundraise and manufacturing expansion reflect its intent to scale beyond a niche electric motorcycle maker. The combination of fresh capital, new production capacity, and a wider product range could help the company capture more demand in India and abroad. Investors and industry observers will watch whether this platform-focused strategy translates into sustained volume growth.
Source: Inc42