Ultraviolette Automotive Pvt. Ltd., electric mobility solutions firm, said it has received an additional investment of Rs 60 million from TVS Motor Company. This investment is part of the Series A funding from TVS.
In December 2017, TVS acquired a 14.78 per cent stake for around Rs 50 million in the firm which develops electric mobility solutions.
Ultraviolette Automotive is currently building an electric motorcycle that is driven by progressive design and energy efficient technology, which will allow it to outperform traditional ICE motorcycles in the 200-250cc segment.
The additional investment will be deployed for continued product engineering and further expansion of Ultraviolette Automotive’s core R&D team and facility, the company said.
K Gopaladesikan, CFO, TVS Motor Company, said that Ultraviolette Automotive will build a product that will pave the way for electric mobility in the country.”
Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive Pvt. Ltd., said the company is building a high-performance electric motorcycle "that brings together the best of technology and design to deliver an unmatched user experience".
"With this investment, we are looking to ramp up the development of high-end electric powertrains, battery modules and connected technology," said Niraj Rajmohan, Founder and CTO, Ultraviolette Automotive Pvt. Ltd.
Ultraviolette, founded on December 18, 2015, reported a total revenue of Rs 321,000 in 2016-17, shooting up from Rs 31,570 in 2015-16.
TVS investment comes in line with the automakers' efforts to bring in clean energy technology to substitute the traditional fuels amidst growing concerns over a depleting environmental health.