Electric motorcycle startup Ultraviolette Automotive Pvt Ltd is planning to raise $120 million in its next round of investment, which will be used to expand globally and grow its vehicle platform. A number of investors, including TVS Motor Company, EXOR Capital, Qualcomm Ventures, Zoho, Gofrugal Tech, and Speciale Invest, have contributed $55 million to the company since its founding.

The business announced in a statement that it has started giving customers its electric motorcycle, the F77. According to Niraj Rajmohan, co-founder and CTO of Ultraviolette, "the infusion of money from partners who share our vision will enable Ultraviolette to build new vehicle programmes, increase our local footprint, and speed international product rollout."

The firm reported a recorded loss of Rs 1.81 crore for the financial year ending March 31, 2022, up from a loss of Rs 1.34 crore the year prior in its most recent filing with the Ministry of Corporate Affairs. At that time, its revenue increased by 2.3X to Rs 1.73 crore, but that increase was overshadowed by an 80% increase in expenses.

Ultraviolette, a company founded in 2015 by Rajmohan and CEO Narayan Subramaniam, offers three different F77 e-motorcycle models: Airstrike, Shadow, and Laser. Priced between Rs 3.80 lakh and Rs 5.50 lakh, the bikes have a top speed of 152 kmph.