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Funding

Ultraviolette raises Series D funding led by Exor Capital

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Ultraviolette logo
Date
Company
Ultraviolette
What it does
Exor Capital
Kind
Funding
Amount
Undisclosed
Stage
Series D
Based in
Bengaluru
Founded
2016

What they do

A fund run by Exor Capital, part of the Agnelli family group, led an ongoing Series D round in Ultraviolette; the amount was not given

What happened

Exor joined TVS Motor, Zoho, GoFrugal Technologies and Speciale Invest on the list of shareholders

Why it matters

The money was for selling the F77 across India and then for trials, approvals and sales in markets abroad

The details

  • Exor Capital led the Series D round.
  • The amount was not disclosed.
  • Existing backers included TVS Motor, Zoho, GoFrugal and Speciale Invest.
  • The F77 was close to launch.
  • Funds were for India sales and overseas expansion.

The bigger picture

  • A European investor with car-industry roots backed an Indian EV maker.
  • It readied the company for the F77 launch.
  • It set up the push into Europe.

About the business

  • Ultraviolette designs and builds premium electric motorcycles in Bengaluru, led by the F77 and the X-47.
  • It sells in India and in about 19 European countries, and is adding a scooter (Tesseract) and a cheaper bike (Shockwave).
  • Money comes from vehicle sales, with a battery subscription option to lower the upfront price.

Investors

Founders

  • Narayan Subramaniam, Co-founder and CEO
  • Niraj Rajmohan, Co-founder and CTO

About Ultraviolette

Product
Electric two-wheelers, including motorcycles and upcoming scooter and dirt-bike models.
Customers
Consumers buying electric motorcycles and other EV two-wheelers.
How it makes money
Sells vehicles directly to end customers through an automotive retail model.
Operations
Expanding manufacturing capacity in Karnataka and Tamil Nadu.

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