As interest in India's electric vehicle (EV) industry grows, electric motorcycle company Ultraviolette has raised ₹130 crore. Both new and current investors participated in the investment round, including Lingotto Co-Invest Fund I, Mudhal Partners, and SaaS giant Zoho Corporation.
The allocation of 4,52,431 0.0001% Series E1 compulsorily convertible preference shares with a face value of Rs 10 at a premium of Rs 2,864 was approved by the company's board. According to a filing with the Registrar of Companies, this raises the total issue price to Rs 2,874 per share.
Established in 2016, Ultraviolette is a Bengaluru-based company that produces electric motorcycles. Its captable includes notable investors such as TVS Motor Company and Qualcomm Ventures.
The fundraiser coincides with Ultraviolette's announcement of aspirations to expand internationally. The company began shipping its first shipment of Indian-made motorcycles to European markets in September.
Hindu BusinessLine reports that the company is preparing to reach 1,000 units each month in the next six to eight months and to launch a pan-India presence by March 2025. Additionally, it is broadening its range of products, concentrating on the mid-weight superbike sector.
With Ather Energy planning to sell on stock exchanges and Ola Electric, led by Bhavish Aggarwal, launching on public bourses earlier this year, the Indian electric vehicle (EV) ecosystem is experiencing a surge in activity. Both businesses have declared their intention to join the electric motorcycle market.
