MUMBAI: Ultraviolette Automotive has raised $85 million, or approximately ₹807 crore, in a funding round led by deep-tech funds Yali Capital and TDK Ventures, as the electric motorcycle maker looks to scale production, develop new products and expand internationally, its co-founders told Mint.
The fresh capital will support the development of Ultraviolette’s next generation of global electric vehicle (EV) platforms. The company is currently focused on its existing F77 and X-47 motorcycles, alongside two upcoming products, the Tesseract and Shockwave.
Mint reported earlier this month that Ultraviolette was stitching together the round led by Yali Capital, alongside existing investors including Speciale Invest and TDK Ventures.
Lip-Bu Tan, chairman of Walden International, has also invested in Ultraviolette and joined the company as an adviser as it prepares to expand into the US, co-founder Narayan Subramaniam said.
“Building hardware is not easy. It is an extremely complicated process from an engineering standpoint and the number of people in the world who have that kind of expertise is also very limited. Being one of the foremost people in this space to be able to get him on board as both an investor and as an advisor for us is an important addition,” co-founder Niraj Rajmohan said.
Scaling up
Founded in 2016 by Subramaniam and Rajmohan, the Bengaluru-based company designs and manufactures high-performance electric motorcycles and energy infrastructure. Its other investors include Qualcomm Ventures, TVS Motor, Zoho Corp. and Lingotto, one of Europe’s largest investment management companies.
Ultraviolette currently sells its motorcycles in 20 European countries and is preparing for its next phase of international expansion. Investors such as Lingotto and TDK Ventures will support its expansion across Europe and Japan and help strengthen its electronics supply-chain ecosystem, Subramaniam said.
“The profile of the investors we have indicate the growth ambitions of the company. We worked with Qualcomm on various aspects of technology before they became an equity investor. Similarly, many of the deep-tech investors on our captable have a very strong understanding and appreciation towards technology to build quality products that will take India global,” Rajmohan said.
The company is also seeking to improve profitability as it scales. With capabilities spanning battery technology, power electronics, vehicle architecture and intelligent software, Ultraviolette aims to become Ebitda-positive over the next two years, helped by higher volumes and a new manufacturing facility.
Ultraviolette competes with electric motorcycle and scooter brands such as Ola Electric, Ather Energy, Tork Motors, Revolt Motors and Raptee Motors, while also targeting buyers of performance petrol motorcycles in the 300cc–500cc segment, according to reports.
Earlier this month, Ultraviolette announced plans to invest about ₹1,000 crore to expand its manufacturing footprint in Karnataka and Tamil Nadu.
In fiscal year 2026 (FY26), revenue surged roughly four- to fivefold to ₹130 crore, Rajmohan said, adding that the company has recorded 40-45% quarter-on-quarter growth in the current fiscal year. He expects that growth to accelerate with the launch of two new vehicles positioned at more accessible price points.
“We expect to be margin positive by the end of this fiscal year and Ebitda positive in FY28,” he said.
In FY25, Ultraviolette’s operating revenue rose to ₹32.3 crore from ₹15 crore a year earlier, while its loss widened to ₹116 crore from ₹61.6 crore in FY24, according to documents sourced by Tofler from the ministry of corporate affairs.