Team Startupcity

•  Raised $21 million with strategic investment from TDK Ventures and existing investors.
•  Plans to expand retail footprint to 100 cities in India by FY26 and already entered 10 European countries.
•  Focused on scaling manufacturing, R&D, and enhancing advanced battery and intelligent vehicle technologies.

Ultraviolette Automotive, an electric two-wheeler manufacturer, revealed on Tuesday that it has raised $21 million in funding, including a strategic investment from the corporate venture capital arm of Tokyo-listed TDK Corporation. Existing investors like Zoho Corporation and Lingotto (previously Exor Capital) also contributed to the funding round.

Ultraviolette is aggressively pushing its retail footprint in India with plans to have stores in 100 cities by FY26. The company recently forayed into the European market with its F77 Mach 2 and F77 SuperStreet models, which are now available in ten countries such as Germany, France, and the UK.

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The company is prioritizing scaling up its capacity, augmenting research, and expanding its distribution network. Narayan Subramaniam, CEO and Co-founder of Ultraviolette, added,

Mobility is being revolutionized, and at Ultraviolette, we are driving the change by embracing cutting-edge innovation. Our association with TDK Ventures gives a push to our research in sophisticated battery platforms and smart vehicle systems. Not only does this collaboration propels us forward in terms of our vision of future-ready mobility but also deepens our commitment towards bringing aspirational, globally connected electric vehicles to the masses.

The funding follows gathering momentum in India's electric vehicle market, driven by heightened government and consumer demand. Ultraviolette competes with new models like Ola Electric's motorcycle lineup and others such as Oben Electric. Ultraviolette raised $3.9 million in Series E previously from Winever Industrial Enterprises and Dilip Anand Swadi through Tracxn data. The firm also recorded revenue expansion from Rs 14.6 crore in FY23 to Rs 23.9 crore in FY24 but similarly experienced its net losses expand to Rs 61.6 crore from Rs 7.5 crore over the same period.