Ultraviolette Automotive is in the process of stitching together over ₹500 crore from new and existing investors such as Yali Capital, Speciale Invest and TDK Ventures, three people familiar with the matter said.
“This is part of the company’s ongoing round to raise capital towards its expansion plans,” one of the people cited above said. “About half of the capital will come from existing investors – Speciale and TDK Ventures although the exact deal size may change as the discussions with new investors and other details around valuation are still underway,” a second person said.
All three people spoke on the condition of anonymity as the discussions are still confidential.
“The investments are part of a currently ongoing fundraise; we have nothing further to add at the moment,” an Ultraviolette spokesperson said.
The development comes months after the company raised $45 million as part of its Series E round from Zoho Corporation and Lingotto, one of Europe’s largest investment management companies, in December.
TDK and Speciale declined to comment, while Yali did not respond to Mint’s emails till the time of publishing.
Broadly, India’s clean-energy transition is accelerating, driven by renewable-energy expansion, decarbonization goals and rising electricity demand. EV adoption is also gaining momentum, particularly in two- and three-wheelers, supported by lower running costs, improving charging infrastructure and government incentives.
The company
Founded in 2016 by Narayan Subramaniam and Niraj Rajmohan, Bengaluru-based Ultraviolette is an Indian electric vehicle startup that designs and manufactures high-performance electric motorcycles and energy infrastructure. Some of its other investors include Qualcomm Ventures and TVS Motors.
Earlier this week, Ultraviolette made plans to invest about ₹1,000 crore to expand its manufacturing footprint in Karnataka and Tamil Nadu, as demand for motorcycles and scooters continues to rise.
It competes with electric motorcycle and scooter brands such as Ola Electric, Ather Energy, Tork Motors, Revolt Motors and Raptee Motors, as well as performance petrol motorcycles in the 300cc–500cc segment, online reports indicated.
In FY25, Ultraviolette’s operating revenue jumped to ₹32.3 crore from ₹15 crore a year earlier. Its losses widened to ₹116 crore from a loss of ₹61.6 crore in FY24, according to documents sourced by Tofler from the Ministry of Corporate Affairs. It has not filed its FY26 audited results.
Mass-market bet
Last year, Subramaniam told Mint that the company expected to break even over the next 18 months based on bookings for the two new motorcycles it launched. This was after the company unveiled Ultraviolette Tesseract, an EV scooter, and Ultraviolette Shockwave, an enduro motorcycle meant for off-road racing, in March 2025.
Both products were to be launched in the first quarter of 2026, the co-founder said. He added that the company aimed to enter the mass-market segment through its scooter and boost its market share in its bid to break even—a stage when a business earns enough to pay for its expenses, without making profits yet.
Sales of its existing fleet of motorcycles, the F77 Mach 2 and F77 Superstreet, have already been picking up, while it expanded to over 100 Indian cities by the end of 2026, with a global presence across 14 countries. Its fast-charging network with Bolt Earth has also seen great adoption across the country, according to the company’s website.
Funding wave
The fresh fundraise comes amid a broader flow of capital into India’s electric mobility sector. E3 Electric.AI raised ₹100 crore in a fundraise led by BluVenture Holdings in July, while River Mobility raised $120 million in a mix of equity and debt in August.
River’s equity capital was raised from Elev8 Venture Partners and Ranjan Pai's Claypond Capital, with participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC.
Yulu also raised equity capital of about $63 million from GEF Capital Partners last month. Among publicly listed players, Ather Energy and Ola Electric have raised capital through QIPs.