Ultraviolette Automotive raises additional Rs. 30 crore from TVS Motor Company
Bengaluru based electric vehicle manufacturer Ultraviolette Automotive has recently announced receiving an additional Rs 30 crore from TVS Motor Company, as a part of its Series B funding. This will be used primarily for testing and manufacturing that will be done in a phased wise manner. The company that started with a bootstrapped Rs 50 lakh from the founders, had received Rs 5 crore in 2017 from TVS, where the latter acquired a stake of 14.78 per cent in the electric startup. Last year, Ultraviolette received an investment of Rs. 6 crore from TVS Motor Company as part of the Series A funding, which was used for product engineering and research and development of new offering. The company has confirmed that the Ultraviolette F77 will be launched next year and will be delivered across the country in a phased manner. Here's our detailed first ride review.
"We have seen significant advancements in the transportation and mobility industry globally, with an increased demand for personal mobility in recent times. We also see rapid growth in the Indian two-wheeler industry with a special focus on electric vehicles, and it is in this context that we set out to create the F77 India's first high-performance motorcycle. We unveiled the motorcycle less than a year ago, and since then, we have achieved significant strides in making the F77 production-ready. We have conducted aggressive track and road tests on the motorcycle, adjusting and modifying the specifications to an all-new level of perfection and have built out a robust technology platform to support an enhanced user experience" commented, Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive Pvt. Ltd.
"The F77 is high-end technology, and a high performance-oriented motorcycle built with principles used in the aviation industry - right from the advanced engineering simulations, multi-level safety systems to the design identity of the motorcycle. The F77 is a smart and connected electric motorcycle that comes with remote diagnostics over-the-air (OTA) upgrades, regenerative braking, multiple ride modes, bike tracking, ride diagnostics and a whole lot of other features." commented, Niraj Rajmohan, Founder and CTO, Ultraviolette Automotive.
"Ultraviolette Automotive continues to demonstrate excellent engineering and technological capabilities and innovativeness in developing high-performance electric motorcycles. TVS Motor is excited to see the progress and developments made by the UV team and we are confident that these actions will go a long way towards establishing a greener future for India." said Manu Saxena, Vice President (Future Mobility & Dealer Transformation), TVS Motor Company.
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