TVS Motor invests in electric bike maker Ultraviolette Automotive
Ultraviolette Automotive has received Rs 6 crore funding from TVS Motor Company.
New Delhi: Electric mobility solutions provider Ultraviolette Automotive on Monday said it has received Rs 6 crore funding from TVS Motor Company.
The additional investment as part of Series A round will be deployed for continued product engineering and further expansion of core R&D team and facility, Ultraviolette said in a statement.
The Bangaluru-based startup is engaged in developing electric mobility solutions and is building an electric motorcycle equivalent to conventional bikes in 200-250cc segment.
"We see immense promise in Ultraviolette Automotive's vision of bringing innovative and sustainable electric vehicles in India," TVS Motor CFO K Gopaladesikan said. In a short span, the startup has made significant progress in its product engineering, he added.
Ultraviolette Founder and CEO Narayan Subramaniam said the company is building a high performance electric motorcycle which will be enabled with features such as on-board diagnostics, preventive maintenance, and ride customisation.
"With this investment, we are looking to ramp up the development of high-end electric powertrains, battery modules and connected technology," Ultraviolette Founder and CTO Niraj Rajmohan said.
Two-wheeler market leader Hero MotoCorp has also made investments in Bengaluru-based startup Ather Energy, which had in June launched two electric scooters priced up to Rs 1.25 lakh.